Bank of America real estate buying bank owned foreclosure list provides home buyers the option of buying real estate at discounted prices. People oftentimes worry that buying foreclosure properties will be time-consuming and potentially costly. However, investing in bank owned properties is relatively risk-free as long as buyers engage in due diligence.
The Bank of America real estate buying bank owned foreclosure list can be a goldmine of opportunity. Prospective buyers can locate residential properties, vacant land and commercial real estate priced well below market value.
Bank of America foreclosure real estate includes single family houses, condo units, townhouses, mobile and manufactured homes, and multi-family residences. Foreclosure commercial real estate encompasses land tracts, office buildings, apartment and condominium buildings, hotels and motels, industrial properties and golf courses. Nearly any type of property can be located using the BOA foreclosure list.
Buyers should begin by visiting the Bank of America Real Estate Center website at RealEstateCenter.BankofAmerica.com. Visitors can utilize a variety of home buying tools and apply for prequalified mortgage loans.
Buyers can compare home mortgage loans; obtain information about FHA and VA loans; and conduct research on specialized loans such as jumbo loans, combination home mortgages, interest-only loans, Fannie Mae programs, first time home buyer programs, and Neighborhood Champions Protected Mortgage which offers special financing to police officers, firefighters, medical workers, and teachers.
After researching mortgage loan information, interested buyers can conduct research to locate bank foreclosures that fit the criteria they are seeking. The BOA real estate center allows visitors to enter search criteria including number of bedrooms and baths, property location, and price range. Bank of America bank owned foreclosures range in price from under $10,000 to over $20 million.
Another beneficial feature of Bank of America real estate center is the section dedicated to providing first time house buyer tips and finance options. Individuals that purchase a home prior to April 30, 2010 qualify for an $8000 federal housing credit. While this program expires soon, there are several other first time home buying programs which offer incentives and rebates.
The majority of foreclosure properties sold through the Bank of America website are listed through independent realtors assigned by the bank. In some instances, properties are sold directly through BOA’s loss mitigation division.
Since these distressed properties are priced below market value there is little room for negotiation when buying bank owned foreclosure homes. More often than not, the only way to obtain a reduced price is to buy properties with cash. Buying with cash eliminates the possibility the bank will not accept the mortgage application and expedites the closing process.
Bank owned foreclosure property can be a profitable venture for real estate investors. Many investors are purchasing distressed properties through Bank of America and other major banks to further maximize the return on their investment.
The Department of Housing and Urban Development offers Neighborhood Stabilization Program grants to home buyers and investors who purchase bank owned homes in areas hit hard by foreclosure. Investors can apply for up to five NSP grants. Funds can be used towards down payment requirements, or to purchase, rehab and resell foreclosed properties. Program details are provided at HudNSPHelp.info.
Investing in Bank of America bank owned properties can provide buyers with reduced price real estate and opens the door to obtain special financing, along with grant money. Individuals who invest time to explore available options can save a substantial amount of money and earn a decent return on their investment.