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Countrywide Foreclosure List Helps Home Buyers Find Discounted Real Estate

By Simon Volkov

The Countrywide foreclosure list is an exceptional tool that helps buyers and investors locate a variety of discounted real estate. At one point, Countrywide was the largest mortgage service lender in the country until purchased by Bank of America in 2008. Today, BOA controls foreclosure properties once managed by Countrywide.

The Countrywide foreclosure list is currently available through Bank of America’s real estate website at BankofAmerica.reo com. Property listings include thousands of real estate owned bank foreclosures, short sale homes, vacant land, and commercial real estate.

Bank of America / Countrywide gives home buyers and real estate investors the opportunity to buy properties at deeply discounted prices. Several properties are located in areas devastated by multiple foreclosures and may qualify for Neighborhood Stabilization Program grants available through the Department of Housing and Urban Development. Individuals can apply for one NSP grant, while real estate investors might be eligible for up to five real estate funding grants.

The majority of properties listed through the Countrywide / BOA website are sold through local real estate agents. Others are sold directly through BOAs loss mitigation department. Many bank owned foreclosures will require some level of repair, but listing prices are adjusted accordingly. When placing offers on REO homes it is important to realize there is little room for negotiation unless buyers submit a cash offer.

Buying foreclosure real estate through Bank of America or any other foreclosure real estate companies is no different than purchasing other types of properties for sale. Buyers are required to obtain preapproved financing prior to submitting offers to the bank. Buyers should engage in due diligence prior to making offers. It’s best to obtain property inspections and appraisals to ensure the foreclosure property is worth the purchase price. Always obtain repair estimates to calculate the true cost of buying distressed properties.

Bank owned real estate consists of residential homes, land, and commercial properties that fell into foreclosure but did not sell through public auction. Once unsold foreclosure real estate is returned to the lender it becomes known as bank owned foreclosure, real estate owned, or REO property. Although several names are attached, they all mean the home was repossessed by the bank through court order.

Once mortgage providers take possession of foreclosed real estate they are responsible for securing the home, performing necessary maintenance, and removing creditor or tax liens. The primary benefits of buying real estate owned property is they are sold with a clean title. This is very beneficial for first time home buyers and newbie investors unfamiliar with the process of buying foreclosure real estate.

REO homes are usually priced a little higher than real estate sold through public auctions. However, the unpleasant details often associated with buying foreclosures are eliminated and property transfer can occur quickly.

Real estate that has been repossessed by banks can make exceptional investment properties which can be used as rental homes, lease-to-own, seller carry back financing, house flipping, or seasonal rentals such as vacation homes. Buying houses located in popular vacation destinations can provide the opportunity to generate consistent cash flow. Foreclosure homes can also provide a good return on investment when selling the property after the real estate market rebounds.

When offering homes as rental properties, real estate investors should take time to research areas when Countrywide foreclosure homes are located. Becoming familiar with the area allows investors to locate appropriate REO houses to attract the type of tenant they desire.

Using Countrywide foreclosure and other bank foreclosure lists is an easy and efficient way to locate thousands of homes for sale across the nation. Buyers can also find a variety of commercial properties and land tracts, as well as foreclosed businesses. Anyone looking for exceptional real estate deals should begin their search by utilizing the Countrywide BOA foreclosure list. Doing so can save time and money.

About the Author: Real estate investor, Simon Volkov uses the Countrywide foreclosure list to locate investment real estate at discounted prices. He shares additional tips for finding exceptional foreclosure real estate deals at www.SimonVolkov.com.

Source: www.isnare.com

Permanent Link: http://www.isnare.com/?aid=569357&ca=Real+Estate


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