Countrywide Foreclosure List
The Countrywide foreclosure list is an indispensable tool for real estate investors. On any given day, investors can locate over 15,000 foreclosures, bank owned, and cheap homes for sale located across the nation. Most properties are priced well below market value and sold in "as is" condition.
Countrywide foreclosure list properties are part of HUDs Neighborhood Stabilization Program. NSP allows qualified borrowers to obtain grant money to purchase bank owned homes in an effort to stabilize communities hit hard by foreclosure. Recipients of NSP funds have access to properties under Bank of America's "First Look" Purchase Program.
First look properties are not listed through the MLS database for 15 days after entering into the REO sales process. Real estate investors are prohibited from purchasing Countrywide foreclosure homes during the first-look period unless they are NSP recipients. HUDs Neighborhood Stabilization Program allows buyers to purchase up to five properties using NSP grant money.
Investors who do not receive NSP grants can purchase Countrywide home loan foreclosures through the Listed REO Purchase Program by submitting offers to the listing agent. Most properties are sold through local real estate agents. However, some property sales are handled through the originating lender's loss mitigation department.
When applying for NSP funds, investors should consider buying properties in states with high levels of foreclosure. HUD has pumped millions of dollars of grant money into Florida, California, Michigan, Ohio, Arizona and New York.
The state of Georgia implemented the Dream NSP Purchase Program and offers $14,000 in grant money for the purchase of foreclosure homes in eligible areas. Real estate investors who receive NSP grant money to rehab Georgia Dream properties are allowed to sell the property to another NSP grant recipient.
Purchasing properties through the Countrywide foreclosure list can be financially rewarding for real estate investors who take the time to become educated about the process. Not only can investors obtain grant money to rehab foreclosure real estate, they can sell properties for profit or use them as rental properties for low-income families.
Investing in Countrywide REO homes can help rejuvenate neglected neighborhoods suffering from economic fallout. Investing in a neighborhood can bring back a sense of pride and motivate others to spruce up their property.
Neighborhood pride can reduce crime, entice retail merchants to return to the area, improve school systems and local infrastructure. In a nutshell, investing in one foreclosure property can create win-win scenarios for investors, buyers, banks and neighborhoods.
We invite you to learn more about buying bank owned properties, utilizing the Countrywide foreclosure list and NSP grant money by perusing our real estate investing article library. We publish new articles weekly and invite you to subscribe to our mailing list to receive instant notification.
Published on March 26, 2010 at 02:21 AM | Comments: 2