Government Foreclosure ListingsWhat is foreclosure?

Foreclosure is a legal proceeding instituted by a bank or other mortgage lender which allows the lender to take title to property on which it holds the mortgage, and to resell the property to ensure that it gets back the balance of what is owed on the mortgage it issued. Foreclosure occurs when the property’s purchaser falls behind on the monthly payments to which he or she agreed in the mortgage documents.

So what’s the benefits of buying foreclosure?

Homes that have been foreclosed upon sell for a significantly lower price than a comparable, non-foreclosure home.

First of all, the lender who is now in possession of the property has no use for the home and considers it to be a financial burden that needs to be heated/cooled, maintained (perhaps the lawn needs to be mowed and the hedges trimmed), etc. These types of things tend to make the bank very motivated to sell the house, putting you in the drivers seat of the entire negotiating process. Other foreclosures are sold at auctions where quantity is key, putting the seller into a relatively thoughtless position when it comes to finances as they have many properties that require their attention.

Another key benefit of buying a foreclosed home is that the seller is the bank. Negotiating a below-market rate mortgage, closing costs or other funds can all be put into the pot before agreeing to sign and ultimately spend your hard-earned cash. You can never be sure exactly how far the bank will go until you ask.

Where and how to buy foreclosure homes?

Amazingly, currently one in every 22 houses in the USA is in foreclosure! This means, every time you drive down a street, one or more of the houses you pass in that street will be at some stage of foreclosure. But which ones? The only way to find out where these properties are is to understand how to get foreclosure listings. You need to get your hands on them as early as possible if you want to beat the competition.

Looking for a foreclosure listing can be simple if you know where to look. This article will investigate the various means by which one can find a foreclosure listing and make a purchase.


Reliable ideas on how to get government foreclosure listings 

Attend foreclosure auctions and take note of properties that fail to sell, noting down their addresses. (It’s really not a good idea to bid for houses at the auctions - there’s far too much competition.) Once you have the addresses, keep a watch on the property until a For Sale notice appears. Then contact the realtor. Foreclosed properties tend to be sold by specialist realtors so it is likely that the realtor will have other foreclosed properties to sell.

Contact agencies such as HUD and FDIC. They will always have some foreclosed properties for disposal. Look on their web sites as the properties may well be listed there.

Get in touch with your county clerk or sheriff’s department. They will be able to provide foreclosure listings in your county. If you visit your county’s office you can search for a NOD (Notice of Default), lis pendens or Notice of Sale. This is very hard work, but it’s free! It’s also the best way to get in first as you have the chance of finding newly posted properties before they are published elsewhere.

Look at newspapers. In many cities and counties there are local legal and private subscription newspaper lists of foreclosures. Also, part of the requirement for filing a foreclosure is that the notice should be published in local newspapers and business journals.

Contact the banks - many of the large regional and national banks make listings of their foreclosed properties available.

Foreclosure listing services online (Most effective). The best thing about these is that they are totally comprehensive. The drawback is that they are not free! However this way you can find properties in any state you want, not just your local area, and in some the listings include images, size measurements, information about the neighborhood, schools, etc.


Get your free Foreclosure listings 

Bargain Network Homes is one of the fastest growing real estate sites on the Internet today. The foreclosure properties listings on BNH are some of the most current and comprehensive such as:

  • REO’S
  • NOTICE OF DEFAULTS
  • BANK & GOVERNMENT FORECLOSURES
  • AUCTIONS
  • TRUSTEE SALES
  • And many other Distressed Real Estate Properties thru-out the nation

All information is acquired from top of the line data source providers with direct connections to foreclosing lenders and government agencies, while always insuring accuracy and timely delivery of this data. Some of the hundreds of sources included are: HUD, VA, Freddie Mac, First Preston, Premier Asset Services, Citibank, Bank of America, Citiwest, BuyBankHomes and many more.

BNI provides daily data updates along with current foreclosure buying, flipping, property reports, detailed credit assistance information, along with a member support call center and an online “chat” line.

Get your free Foreclosure listings of Bargain Network homes Instantly.