The Things to Do to Acquire Bank of America Foreclosures
Bank of America foreclosures are also called Real Estate Owned properties meaning the real estate is owned by the loan originator or the lender
. Like most banks, Bank of America sells the properties they foreclosed on at auctions to recoup their losses caused by the unpaid mortgage. Not all bank foreclosures sell at auctions, in fact a lot of them do not. When this happens, the property goes back to the bank and is considered a non-performing asset where they get offered to the general market through brokers and agents at a significantly lower price.
The information on Bank of America foreclosures is free through the bank's web site. There are also independent listing sites that offer Bank of America foreclosures. Searching through a foreclosure listings service that charges a small fee can be quite educational as these sites do not only have a list of foreclosures, they also offer a wealth of information about all things foreclosures.
Once you have found the property you want, find out who handles the negotiations for the bank. This is usually a certified broker. You may need to enlist the help of a real estate agent to negotiate for you. You should also ensure you have the ability to pay off your mortgage. The bank will only consider your offer once you have been pre-qualified for a home loan by a lending institution.
Advantages of Bank of America Foreclosures
Purchasing Bank of America foreclosures can have various perks. The bank usually offers various value added products and services to home buyers to sweeten the deal. Apart from a significant discount on the price of the home, the bank will also provide a title insurance and a minimum level of pest certification. They are also open to negotiating the down payment and the mortgage terms. Moving into the bank foreclosed property you will purchase is also simple and stress-free as the bank will handle the eviction of the home's former occupants.
The Things to Do to Acquire Bank of America Foreclosures