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Countrywide Foreclosure List

The Countrywide foreclosure list refers to real estate that was backed by Countrywide Financial Corporation and eventually fell prey to foreclosure. At one time, Countrywide was the nation's largest independent mortgage lender. When the banking system collapsed due to subprime lending practices, Countrywide took the biggest financial hit and were eventually bought out by Bank of America.

The Countrywide foreclosure list database is now presented through Bank of America website and includes a wide variety of properties. Prospective buyers and real estate investors can use the database to scout out single and multi-family residences, mobile homes, commercial real estate, vacant lots and land, mixed use properties, and newly constructed homes.

The Countrywide / Bank of America database consists of foreclosure properties, bank owned homes and short sale real estate currently available to the public. Buyers can locate a plethora of discounted properties and cheap homes for sale. Listed real estate is sold through an independent realtor acting on behalf of the mortgage lender or through BOA's loss mitigation department.

Buying Countrywide foreclosed homes isn't any different than buying houses through realtors. Buyers requiring home loan financing must undergo the same lending protocol as anyone else. The first step is to obtain prequalification to determine how much money banks will lend to purchase bank owned properties.

Individuals who buy Countrywide home foreclosures might qualify for first time home buyer programs and home buyer tax credits. President Obama recently extended the tax credit program through June 30, 2010. First time home buyers can obtain an $8000 home buyer tax credit, while existing homeowners can deduct a $6500 tax credit if they have lived in their primary residence for at least five years and are moving into a more expensive home.

It is important to understand bank owned homes are foreclosure properties that did not sell through public auction. Also known as real estate owned or REO properties, these homes are sold in "as is" condition and typically require some level of repair. Buyers must engage in due diligence and obtain a home inspection to determine if the property is worth the asking price.

The primary difference between foreclosure and REO homes is once the bank takes possession of the property they remove all liens and judgments and sell the property with a clean title. This is particularly helpful for first time home buyers and buyers unfamiliar with the process of buying foreclosure real estate.

Repo homes can make for good investment properties used for rental or vacation homes. Purchasing a foreclosure house in a popular tourist location can allow real estate investors the opportunity to earn sufficient income to pay the mortgage note, property taxes and insurance.

When looking at Countrywide foreclosure homes as rental properties, investors must take time to review the area. Many tenants are seeking rental homes in areas with high ranking school systems. Others want easy access to interstate systems and shopping districts. Knowing the area and what it offers can help investors locate appropriate REO homes to attract the type of tenants they are seeking.

Buying repossessed homes does not necessarily equate to substantial savings. Lenders have already incurred a loss on the property through the foreclosure process. Properties available through the Countrywide foreclosure list have little room for negotiating the sale price.

One option for purchasing bank owned properties at reduced prices is to seek out real estate investors who buy bank portfolios. When investors purchase homes in bulk they are able to obtain wholesale prices and pass savings along to individual buyers.

At Simon Volkov, we offer a wide variety of foreclosure, bank owned and short sale real estate through our Investor's Club. This service allows sellers and investors the opportunity to list their property at no-cost and grants buyers the opportunity to purchase real estate at discounted prices. To subscribe to our mailing list, enter your email address in the subscription box on the left sidebar. Members are notified the instant investment opportunities are submitted.