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Buying Bank of America REO Properties – Foreclosures
Bank of America foreclosures are real estate owned (REO) or bank-owned properties, which are maintained by professional asset managers and listed in major property search listings across the nation.
You can check with the bank’s REO department or use other resources to find a residential or commercial property that you can easily afford to buy. The department, also known as Bank of America Real Estate Center, can be contacted to report property conditions and other related issues.
How to search for bank-owned properties for sale?
The most common way is to contact the REO Department of the bank concerned. However, you may want to search across all banks’ REO homes available for sale in your location to find the most affordable one. The following are some of the ways to do so.
- Use online resources and tools made available by institutions like Fannie Mae, Freddie Mac and Home Path. You can easily make real estate selections across the inventories of all banks by providing general search criteria, such as location, room count, sales price and area.
- Get the assistance of a real estate agent who has specialized in bank-owned properties. The agent will not only help you search for the property but also to buy one. The agent has a quick access to the Multiple Listing Service (MLS) and also knows how to use the same.
- Visit a real estate website or search engine and conduct searches online. You can locate REO homes and properties for sale by entering the city and state or zip code.
- Grab a few current local newspapers and real estate publications to see listings of bank-owned properties in your neighborhood.
- If you are interested in Bank of America properties, you can visit its corporate website. You can make in-depth search, looking into detailed listings of foreclosures, short sales and deed-in-lieu properties.
What is the Buying Process for Bank of America REO Homes?
You can buy a foreclosed home at Bank of America through either of the following.
- A real estate agent
- A public auction
Buying a bank-owned home is not much different than a typical home, but a few additional addendums and disclosures become necessary. Here is an outline of the different steps involved in the transaction of a real estate owned property.
- Obtain a Mortgage Loan: Begin by applying for a mortgage loan at Bank of America and try
to get pre-approved before you can move further.
- Hire a Real Estate Agent: Seek the assistance of a licensed real estate agent to find the house of your dream and also to make an offer and complete the entire process of real estate transaction.
- Find your Dream Home: It is necessary to find the property that you can easily afford. One reason of the popularity of foreclosed homes is their affordable prices.
- Make an Offer: Your agent will help you determine the price of a property and also to make an offer.
- Wait for Approval: It may take longer to buy an REO property as your offer must be approved by several people, including the financial institutions that have liens on it.
- Finalize the Deal and Close: Once you have sailed through all the above steps, you can move forward and close to become the new owner of a Bank of America REO property.
What are some of the most important tips for buying Bank of America REO properties?
Although the transaction involving a real estate owned property is somewhat similar to that of a general property, there can be a few important distinctions. As the property is sold “as is” by the bank, you need to have the home inspected to see if any repair work is needed.
The cost of repair and maintenance must also be adjusted against the sales price. Most importantly, you need to check if the price is lower than or at least comparable with other homes in the neighborhood. Also, you need to have a ready source of fund as a property with a lower-than-market price is not likely to remain unsold for a long time.
How to contact Bank of America REO Department Customer Care for more information?
You can call 1.866.781.0029 for any issues related with Bank of America REO properties. The number is open from 8:00 a.m. to 10:00 p.m. EST Monday through Friday and from 11:00 a.m. to 4:00 p.m. EST on Saturday.
There exists another phone number to contact Bank of America REO department for reporting maintenance requirements of a property owned by the bank in your neighborhood. This number is 1.877.340.5909, and is open 24 hours a day, 7 days a week. There is no email address or mailing address available on the bank’s website to reach its REO department.
Category: American mortgage