If want to buy distressed property, Bank of America is a great place to look for homes. Learn how to find these homes and what to beware and you can get a good deal on a new home.
In order for a home to be called a distressed property, its owner must be in default of the mortgage. This could mean that the home is already in foreclosure or is about to be foreclosed. Distressed property is may be sold in a short sale or after foreclosure. A short sale is when the homeowner sells in pre-foreclosure and the lender agrees to accept less than the mortgage balance on the home.
If a home is listed as a foreclosure, the original homeowner has already lost title to the home and the lender is selling it. These real-estate-owned (REO) properties are typically auctioned, but if the home does not sell at auction, it becomes an REO. In either case, the home is not necessarily in poor condition because it is called distressed.
Hundreds of thousands of distressed homes entered the market over the past few years. The area you live in will determine the number of distressed homes on the local market and for sale through Bank of America. To buy a distressed property from Bank of America, you can shop on its online real estate center .
For a list of banks and government agencies distressed homes for sale, go to this article.
Once you're there, you'll be brought to a page that will allow you to search for different types of properties. Click on the "bank-owned properties" tab. Type in the location where you want to focus your search. Once you enter your search parameters, you'll receive a list of the properties that match your search criteria. Click onto the homes you're interested in and you'll get a page filled with information about the home.
You'll get the home's address, features, photos, square footage, the number of bedrooms and bathrooms, homeowner's association dues and the year the home was built. The listing agent's contact information will also be included. Some listings let you know the best times to schedule appointments. Occasionally, a listing will include loan officer contact details. You can even get prequalified for a home loan right on the page.
If you want to buy distressed property, Bank of America may have the perfect home for you. Checkout RealtyNow to compare Bank of America REOs with other foreclosed homes for sale.