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Where does the property information come from?
The data contained in the
ForeclosureNet.Net
Database comes directly from the lending institution that foreclosed the mortgage
or trust deed relating to that property. We do not solicit real estate agents, brokers
or Realtors for property listings.
Property information sources include: banks, mortgage companies, insurance companies,
credit unions, savings & loans, auction companies, asset management groups,
consumer finance organizations, FDIC, SBA, GSA, HUD, VA, Freddie Mac and various
housing authorities.
How is the listing information collected?
ForeclosureNet.Net
is constantly receiving foreclosed property information from lender sources. The
listing information is received manually and electronically. New properties are
entered into the database and sold properties are removed. We do not maintain any
foreclosure information reported more than 60 days ago.
Almost every lender has different methods of reporting distressed property information.
This is also true for government and state agencies and local housing authorities.
Some report new information daily, some weekly, and some monthly.
Are these properties available now?
The properties listed in the
ForeclosureNet.Net
database have been through the auction process and are owned by the foreclosing
lender. These properties are now available directly from the lending institution
and/or its marketing agent. Contact information for the lender and its agent, along
with detailed property descriptions are available to members of
ForeclosureNet.Net.
What types of properties are contained in the listings?
Lenders foreclose mortgages and deeds to every type of real property imaginable.
This includes: Residential, Commercial, Industrial, Land, even Golf Courses and
Theme Parks.
Property Types include: single family homes, town homes, condos, co-ops, multi-family
units, rental & income properties, apartment buildings, offices, hotels, motels,
retail, restaurant, mobile homes, vacant land, and more.
What details are included with the listings?
Some lenders report more detailed information about their property listings, some
report less. We tell you everything the lender told us about the property, nothing
is held back.
Listing details include: state, county, city, address, asking price, listing agency,
listing agency contact name, listing agency phone number, agent contact, agent phone
number, property type, size/square footage, bedrooms/bathrooms, year built, number
of acres, comments and more.
How often is the database updated?
Our database is updated every Monday (excepts holidays). The properties have been
reported as "available" from the foreclosing lender within the last 60
days.
How do I find the properties I want?
All foreclosure listings in the
ForeclosureNet.Net
database are organized by State, then County. Each County displays foreclosure listings
by City, alphabetically. Single Family Residential listings are displayed first
by City, with the newest bank owned properties listed first, followed by the newest
government property listings.
Multi-Family Units and Commercial listings are also displayed by City, alphabetically,
and follow the Single Family Residential listings in each county. Commercial properties
are sorted and displayed just like the Single Family Residential listings.
What does "Resid" and "Resid Unit" mean?
Sometimes the foreclosing lender doesn't tell us whether the property is a single
family home, a town home, condo or co-op, but we do know that the property is a
"Residential Unit," as compared to a Commercial, Industrial or Agricultural
property. When we are certain the property is a "Residential Unit," we
label the property, "Resid" or "Resid Unit." This can apply
to Single Family and Multi-Family properties.
How accurate is the database?
Some lenders are less timely with their data, and thus less accurate in the reporting
of their foreclosed property inventory. This is especially true for many government
agencies.
We estimate that 15%-20% of the database listings are under contract or sold at
any given time. This produces and Availability Rate of 80%-85%, the highest and
most accurate in the industry. As all of our information comes directly from the
foreclosing lenders, we are solely reliant on their ability to deliver timely property
listings and information.
Are there any restrictions for Members of the database service?
Your membership enables you to access the
ForeclosureNet.Net
database 24 hours a day, 7 days a week with no restrictions on the number of times
you access the listings or length of time spent on the web site.
When you become a member of the
ForeclosureNet.Net
database service, you agree not to disclose your Member I.D. Number to others. You
also agree not to distribute the information contained in the
ForeclosureNet.Net
database service to any person or organization, by any means, for any reason.
Disclaimer:
The listing information contained in the
ForeclosureNet.Netdatabase is offered for informational purposes only. While not guaranteed,
the information is derived from sources deemed to be reliable. Reliance on the information
is solely at the risk of the user. The information is subject to change without
notice. The information is subject to errors and omissions and should be verified
with the listing agency/institution or seller prior to making any financial commitments.
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