Bank of America has thousands of real-estate-owned (REO) homes for sale across the country. You may save money on a new home if you buy an REO home from Bank of America.
Bank of America has thousands of real-estate-owned (REO) homes for sale across the country. You may save money on a new home if you buy an REO home from Bank of America.
While you may decide to buy foreclosed homes because of the possibility of a lower purchase price, there are other benefits to buying REO property. The REO property typically doesn't have liens on the title as it might if you bought a foreclosed home at auction. Another benefit with purchasing bank-owned homes is that you have the option to have the home inspected before you buy.
To buy an real-estate-owned home from Bank of America, first go to its website and search for bank-owned properties in your desired state. You can also work with a real estate professional and ask them to help you find real estate owned properties in your area. Use Reply! to connect with a real estate professional in your area.
REO home conditions
When you buy an real-estate-owned home from Bank of America, it will be in "as-is" condition. The bank may maintain the home and do minor repairs. It may also be in poor condition. It's important to have the home professionally inspected to reveal problems before you make an offer. Problems such as lack of cleanliness or an unmaintained yard may be easily remedied. Water damage, property damage or bad renovations may be more costly and difficult to repair. Click here to read more about the pros and cons of buying a foreclosed home from a bank.
It is also prudent to perform a title search on the property. If there are any liens on the property you purchase, you may be responsible for paying them. Bank of America typically clears the title, but it has so many foreclosed properties that a lien could be overlooked.
Home market value
If you decide you would like to buy a Bank of America REO home, you can work with a real estate professional to submit an offer to Bank of America. Your real estate professional can help you obtain a comparative market analysis (CMA) to better determine the value of the property. Information such as square footage, type of construction and other features can help determine the value more accurately. Learn more about the CMA in this article.
It's possible to get a great price when you buy a real estate owned home from Bank of America. A real estate agent can help you find a home and research the property and title. To find other foreclosure listings and learn how to buy them, go to this article.