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Countrywide foreclosures: how to buy them

If you want to buy Countrywide foreclosures, you will actually be buying from Bank of America. The following article explains how you can buy these homes.

Countrywide foreclosuresIf you want to buy Countrywide foreclosures, you will actually be buying from Bank of America. The following article explains how you can buy these homes.

Bank of America acquired Countrywide and a large number of Countrywide foreclosures. Bank of America had approximately 930,000 loans that were at behind by at least two months at the end of 2012, according to Bloomberg News. At least 85 percent of these loans were from Countrywide. Currently, the real estate market is full of foreclosure listings. These numbers indicate that the number of foreclosure home sales will probably keep growing. If you are ready to buy a foreclosed property, the following steps can guide you.

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If you are thinking about buying Countrywide foreclosures, you need to be armed with patience. This process can be lengthy, and it may involve a lot of paperwork. Many foreclosed properties are sold at auctions. Although buying a property at an auction can get you a low price, the process can be intimidating for novice buyers.

You may want to attend an auction or two to get an idea of the process before bidding on a house. If you find a house that you want to bid on, add the cost of possible needed repairs to the cost of the house. If you fail to take into account the cost of repairs, you may end up with an inhabitable property that you can't afford to rehabilitate. You won't necessarily know the condition of a home sold at auction as you rarely get a chance to walk through the home or have it inspected.

If you are serious about making a bid at an auction, research its buying rules first. Typically, you need a cashier's check for the entire property or for a down payment the day of the auction. You also usually need to prove you are pre-approved for financing. 

If you decide that you would rather not buy a foreclosed property at auction, you can buy a Countrywide foreclosure directly from Bank of America. These homes are listed as real estate-owned (REO) properties. Countrywide foreclosures can be purchased with conventional loans, cash or a Federal Housing Administration (FHA) mortgage. The FHA's 203(k) mortgage financing program allows you to borrow money to pay for the home and rehabilitate it. 

A knowledgeable real estate agent can be an invaluable asset in the process of buying a Countrywide foreclosure. Your agent can help you find foreclosures in the area you want to live, research property conditions and negotiate price. To find an agent who specializes in foreclosed homes, go to Reply!

Whether you are an experienced investor or a first-time homebuyer, Countrywide foreclosures may be the source of great deals. However, you should keep in mind that other banks have foreclosures for sale as well.

For a list of REO properties for sale through the U.S. Department of Housing and Urban Development and several major banks, go to this article.

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