Buy and Profit from Bank of America REO Properties
REO stands for Real Estate Owned. Bank of America REO properties consist of all the residential real estate properties that were acquired by Bank of America at a foreclosure auction. Such foreclosed properties are repossessed by a lender upon completion of all outstanding legal proceedings.
REO is the most common and widely acquired type among foreclosed properties. They can be acquired by an interested investor in all market conditions, especially during downturns. REO is derived from OREO (Other Real Estate Owned), which is common statement entry used in business accounting statements. On a company's balance sheet, all the "real estate owned" by an entity is listed under this heading.
Assets on a balance sheet are listed or grouped according to their level of liquidity, and REO is generally featured at the bottom as distressed real estate is considered to be very illiquid.
Bank of America REO properties are a bargain
Most of the bank or lender-initiated foreclosure sales usually occur to the entity initiating the foreclosure proceedings which in majority of the cases are the banks and lenders themselves. A majority of the foreclosed properties of Bank of America end up as its inventory of REO homes. Such repossessed properties obtained by the bank are generally offered back for sale to interested buyers according to the lender's internal procedures about disposing them.
With proper due diligence, a property investor or a buyer can find a great deal on a Bank of America REO property without all the hassles associated with buying from a foreclosure auction or during the pre-foreclosure stage.
Types of REO homes offered for sale
The typical repossessed and foreclosed homes that are offered for sale by Bank of America REO department consist of single-family residential homes. These are often in demand and usually sell faster when compared to other bank owned homes. Condos and other residential properties with less than four-units make up the rest of the inventory listed as Bank of America REO.
Commercial properties such as apartment buildings, shopping centres, gas stations, office buildings and vacant land also become owned by a foreclosing bank after a foreclosure auction sale. Such repossessed commercial properties are often referred to as Commercial REO. Any commercial REO property with a decent occupancy ratio, income and cash flow get sold off much quicker compared to others that are deficient or lacking in either one or all of these features.
Find latest listings of Bank of America REO homes
The complete inventory of bank repossessed homes that are offered for sale can be found among the Bank of America REO listings. The interface of the site allows an interested real estate investor to search according to a wide range of parameters relevant to REO homes.
The complete list of Bank of America owned REO homes can be found on their listings website.
Bank of America REO property listings are made up of residential homes located in all 50 states. They inventory mix is overwhelmingly single-family homes, with condos and multi-family residential properties also present in small numbers. Property prices range from $20,000 to a few millions.
Residential home buyers and property investors will find a number of advantages in buying REO homes compared to foreclosure auction sales. It's much easier to take possession of a REO property than a property purchase at foreclosure sale. It's also much easier to finance a bank owned property as the selling banks themselves offer tailored loan programs to facilitate quicker disposal of their acquired REO homes. Bank of America also provides numerous mortgage financing programs for buyers of its REO properties.