If you are considering buying a residential property as a primary residence or for investment, Bank of America foreclosures can be a great choice for you. All the Bank of America foreclosed homes that have become repossessed after the judicial or non-judicial foreclosure process become part of its foreclosure or reo inventory. These repossessed bank foreclosures are also called REO or REPO properties.
Find Bank of America Foreclosure Listings
Real estate properties listed for sale are generally listed on the MLS service. Even though majority of the foreclosure homes are listed through Bank of America approved listing agents, the time and duration it takes to do so may vary. The bank’s REO listings offered for sale through agents can be found on their website. The site allows buyers to sort and filter based on their desired criteria.
In addition to banks and mortgage lenders, residential foreclosure homes are also available for sale by HUD, FHA, Fannie Mae (FNMA) and Freddie Mac. These government agencies follow procedures for listing foreclosures, similar to those employed by major banks such as Bank of America, Wells Fargo and JP Morgan Chase. A number of websites specialize in aggregating foreclosure and REO listings from bank websites and county records. Even pre-foreclosure properties on which “notice of default” has been served to the home owners can also be accessed through them. RealtyTrac.com and Foreclosure.com are the two major sites that offer these services for a monthly fee. By doing their own research, foreclosure home buyers can avoid paying for these services.
Bank of America and other lenders with foreclosure and reo home inventory have also started using the services of real estate auction companies to sell their repossessed homes. Unless a borrower has thoroughly researched the property they intend to bid on, it is prudent to avoid buying from such auctions. Local county sheriffs also conduct monthly foreclosure auctions to sell the properties to the highest bidder. A detailed booklet with all the properties offered for sale along with their reserve amount, lender name and property photos are published by most county sheriff offices before the auction date. The auction schedule can be seen on the respective sheriff office websites.
A Great Deal Awaits You
Bank foreclosures are often a great bargain when compared to the prevailing market prices for residential properties in any given area. By carefully planning you foreclosure home search efforts, a great deal can be found on a new home purchase even by novice home buyers and property investors. New buyers should keep a number of points in mind before deciding whether a Bank of America foreclosure home is a great deal or not. Buyers will have to watch out for a number of things and also have to be more vigilant and attentive when buying foreclosures compared to traditional home listings. Though the foreclosure buying process is not a cakewalk, it can become so for the well prepared buyer who approaches it with all the necessary information.
Get Pre-Qualified for Financing
Before beginning home search, a prospective buyer should check his financial position. Good credit history and a high credit score is needed in order to secure a home loan in the present lending environment. Depending on the finances and credit history, the appropriate amount needed for down payment can be calculated. An assessment of current monthly debt repayments and income can help a foreclosure buyer determine their ability for taking on new debt related to a residential home purchase. If the borrower finds it difficult to perform these steps, approach a mortgage lender who will evaluate this stuff during the pre-qualification stage. Bank of America may stipulate that a buyer of their foreclosure home submit a pre-qualification letter from one of its branches.
Types of Bank of America Foreclosure Homes
Bank of America foreclosures consist of all types of residential properties. Single-family homes, two-unit, three-unit and four-unit multi-family properties can be found in their inventory of foreclosed homes. A buyer should gain a clear insight about what they are looking for, in terms of property size, location and amenities, before beginning their search for a Bank of America foreclosure home. As the foreclosure buying process is cumbersome and complicated, a buyer will be better served by approaching an experienced real estate agent. A good agent that specializes in foreclosures can guide a buyer through all the necessary steps involved in negotiation and closing process. All the paperwork can be expected to be prepared in the appropriate manner suitable to the lender who owns the foreclosed home being purchased.