Bank of America Real Estate Buying Bank Owned
Bank of America Real Estate buying bank owned offers home buyers and real estate investors the opportunity to buy houses at reduced prices. While many people are concerned about buying distressed properties, bank owned real estate is relatively risk-free compared to bidding on properties through foreclosure auctions.
The Bank of America Real estate buying bank owned foreclosure list is comprised of both residential and commercial properties, as well as vacant land. Residential foreclosure homes include single family residences, condominiums, townhomes, mobile homes and multi-family dwellings.
Commercial properties available through Bank of America Real Estate Center include apartment and condominium buildings, hotels and motels, commercial land, office buildings, land tracts, industrial properties and golf courses.
Interested buyers can easily locate the type of bank foreclosure property they desire by selecting various criteria such as number of bedrooms and bathrooms, price range and location. Bank of America offers nationwide listings ranging in price from under $20,000 to over $20 million.
Most Bank of America foreclosure properties are sold through a designated realtor. However, some properties are listed directly through BOA's loss mitigation department. In most cases, there is little room for negotiation when buying bank owned properties. These properties are already priced below market value to entice a quick sale.
The Bank of America Real Estate Center website provides a multitude of tools to help buyers obtain home loan prequalification and mortgage financing. Visitors can compare fixed rates vs. adjustable rate home loans, obtain information on VA and FHA loans, and conduct research on specialized loans such as interest-only home loans, Fannie Mae programs, jumbo loans, combination loans, and Neighborhood Champions Protected Mortgage; a mortgage loan financing option for teachers, police officers, firefighters and medical workers.
Another great feature offered through Bank of America is a dedicated section offering first time house buyer tips and finance options. At present, first time home buyers are eligible for an $8000 tax credit when they purchase a principal residence prior to the April 30, 2010 deadline. Buyers will receive the federal housing tax credit if the home purchase is completed by June 30, 2010 as long as they have a binding sales contract in place by April 30, 2010. Complete details are available at FederalHousingTaxCredit.com.
Bank owned foreclosure homes can also make for good investment property. Many real estate investors are buying real estate owned homes through Bank of America and other financial institutions to maximize their return on investment.
Investors who purchase REO properties in areas hit hard by foreclosure might qualify for Neighborhood Stabilization Program grants offered through the Department of Housing and Urban Development. NSP recipients can use grant funds to purchase, rehabilitate, and resell foreclosed properties. Real estate investors can apply for up to five NSP grants. Details are available at HudNSPHelp.info.
Buying Bank of America bank owned real estate not only provides buyers with reduced cost homes, but opens up possibilities to obtain special financing along with state and federal grants. By taking time to explore available options, buyers of residential and commercial foreclosure properties can obtain instant equity, along with a good return on their investment.
Our bank owned foreclosure real estate article library provides insider-secrets, tips, tricks and resources to help home buyers understand the advantages of investing in distressed properties. We publish articles on a weekly basis to help our subscribers stay abreast of market trends. Take a moment to subscribe to our mailing list by entering your email address in the subscription box on the right sidebar.
Published on April 22, 2010 at 03:02 AM | Comments: 1