3 result(s) displayed (1 - 3):
March 29, 2010
A common question I am asked is what does REO mean? REO stands for real estate owned and refers to foreclosure property which has been returned to the bank. Banks hold the title, manage the property and are responsible for selling it. Bank owned homes are sold directly through each lender's loss mitigation department or a designated real estate agent.
Many people wonder what does REO mean in terms of buying properties at reduced prices? While it is true most real estate owned properties are sold below market value, buyers must take in to account repair costs required to return properties to livable condition. Some homes are in near perfect condition, while others are in complete disarray and require an entire renovation.
March 26, 2010
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.
March 10, 2010
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.