Contact Information of Bank of America REO Department
The marketing of bank owned residential REOs is typically handled by the bank's own internal reo department, or outsourced to an external reo management company that specializes in managing all REO relates aspects and procedures.
Bank of America REO Management Division
Major national banks and mortgage lenders usually have internal reo departments to acquire, manage and sell foreclosed homes.
Bank of America REO department handles all the properties that are repossessed by it after a foreclosure sale.
A lender, especially a larger one, generally opts for the in-house approach, where they employ own staff to streamline reo management and sale process. Bank of America also employs this approach to maintain and market the REO homes it owns. A good number of other banks and lenders, especially the smaller ones, may opt for a specialized outside vendor, to manage and market their REO inventory. The recent credit and mortgage crisis created an unprecedented demand for the services of these external reo asset management companies.
It's in everybody's interest to have fast turnaround in REO purchase and sale processes. The manner in which a bank's reo department is constituted plays a large role in determining the speed and efficiency with which they can dispose off their outstanding inventory of repossessed REO homes. Flexible procedures without many levels of hierarchy for contract negotiation and approval reduces uncertainty and anxiety for everyone including buyers, reo agents, reo departments and banks. It's the only way in which the reo division at Bank of America will ever be able to successfully sell all the defaulted properties it currently owns and manages.
REO Department Managers
Any properly organized REO department must have at least one knowledgeable REO manager to oversee the operations of a bank's reo division and its supporting staff. Bank of America's REO department handles all the backend operations, while an outside real estate broker handles all the property related selling and marketing.
REO asset managers at Bank of America are given the responsibility of a specific inventory of REO homes to efficiently market and sell. The composition of the inventory of homes assigned to a manager is dependent on specific criteria pertaining to the property's location, value or type.
An REO manager then assigns a residential home under his supervision to an REO broker from the list of Bank of America's approved REO agents. These pre-approved agents are given the exclusive right to list and market Bank of America's REO properties.
Submitting an REO purchase offer and signing a binding contract
Investors that wish to make an offer on a property owned by BOA must approach the listing agent assigned to it. The proper contract restrictions, procedures and documents to make a purchase offer can be obtained through the reo agent. Depending on the flexibility and discretion allowed by the REO manager to the agent, the contract is forwarded by the agent for the bank's approval or may be negotiated by the agent himself based on any pre-determined approval and acceptance criteria.
The response time on a contract submitted to the reo division of Bank of America depends on the number of other properties being managed at the moment by the REO manager of the concerned property. The more they handle the slower the turnaround time. This delay can place undue stress and anxiety for a REO buyer. On the flipside, with a higher number of unsold properties in inventory, the managers can be expected to be more willing to negotiate, and yield to lower price offers.
BOA (Bank of America) REO department's contact info:
It's very difficult to directly get information from Bank of America's REO management department about individual REO homes. A responsive phone number or e-mail address can often be difficult to find. As far as possible, all property related questions should be directed to the REO broker managing the foreclosed property listing. The response time through phone and email has often been very slow. It's better to seek all property listing info through MLS and publicly available data sources.