Buying a foreclosed home can score you a great deal and be a smoother process than working with a traditional owner. Before you dive in, though, here are some steps to help you navigate the process.
· Bank of America Streamlines the Short Sale Process. Bank of America’s reputation was so bad that some real estate agents refused to list a short sale if Bank of America was involved. Buyer’s agents refused to write offers on those listings. Those agents would rather poke out their eyes than touch a former Countrywide loan, much less an original Bank of America loan that is sinking underwater.
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· When a borrower defaults on his or her bank loan, the bank forecloses on the home and it goes to a foreclosure auction. But sometimes the home doesn’t attract a buyer at auction and remains unsold. It then becomes as REO property and is re-listed for sale either on the Multiple Listing Service (MLS) of the city in which it’s located or on an auction site such as Auction.com .
DistressedPro and BankProspector enable buyers to target the banks holding bank owned property, the lenders that are ready to sell more of them, and helps buyers get ahead of the competition to secure attractive bargains. This is critical for investors, agents looking for listings, and end buyers that demand real value.
In Florida an angry homeowner whose home was wrongfully foreclosed on by Bank of America gets revenge by foreclosing on the bank’s local branch. In Georgia, in a different property dispute, a city.
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Is it difficult to buy a foreclosed house by Bank of America instead of Wells Fargo? What is the criteria for buying a foreclosed homeand how long? Find answers to this and many other questions on Trulia Voices, a community for you to find and share local information. Get answers, and share your insights and experience.
Jobs: Write for Neowin! floridamortgagelenderss.blogspot.com What you should know about an FHA loan · Here are a few things you should know about these types of loans if you’re considering one. 1. An FHA-Approved Lender is Required. Don’t let the name fool you – the FHA itself doesn’t actually provide loans directly to borrowers. Instead, these loans need to be funneled through an FHA-approved lender. The FHA insures these loans and backs up lenders who provide them to qualified.