If you want to buy foreclosed homes, learn about distressed properties and foreclosed homes. When you buy foreclosed homes from Bank of America you may get a great deal on a new home.
If you want to buy foreclosed homes, learn about distressed properties and foreclosed homes. When you buy foreclosed homes from Bank of America you may get a great deal on a new home.
When Bank of America acquired Countrywide during the mortgage crisis, the institution found itself with millions of distressed properties. When you're looking to buy foreclosed homes, Bank of America guarantees to guide you through the process. This is especially valuable if you're buying a foreclosed home for the first time.
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The first thing to consider when you want to buy a foreclosed home is the condition of the property. A foreclosed home will often differ from a traditional sale in that the homeowner or occupant of the home has often been evicted and may not have had the time nor the incentive to put the property in order prior to the sale. Arranging a professional home inspection prior to closing may potentially save you thousands of dollars, so it is indeed a very good idea.
Many foreclosure sales have been either held up or completely derailed by sudden, unexpected, out-of-pocket expenses. Thus, it is important to anticipate these expenses and have enough extra financing or cash to cover them. Sometimes your lender will request documentation of the home's value from a professional appraisal or home inspection.
One major concern if you want to buy foreclosed homes from Bank of America in particular is the setting of a definite move-in date. This is especially important for homes bought through Bank of America, as the bank was a party to the $25 billion settlement deal between lenders and 49 states' attorneys general, a case that hinged on accusations of fraud and "lost" or "recreated" titles. Title issues like this can completely upend a sale and may actually result in the homeowner's successfully appealing the foreclosure.
If you still want to buy foreclosed homes from Bank of America, this lender has online foreclosed property listings. To get this website and the sites of other major banks and government agencies selling foreclosures, go to this article.
You can also get free real estate listings by zip code from Reply! These listings include foreclosed homes, real-estate-owned properties and short sales.