Search Bank of America REO Listings
All bank repossessed homes that are part of Bank of America REO listings can be easily accessed by real estate investors through the bank's REO listing website. The reo search form on the site allows any interested REO investor or buyer to filter and search for relevant properties based on their desired criteria.
Bank of America REO listings consist primarily of single-family residential properties in addition to a lesser number of condos and other multi-family residential homes.
List of Bank of America REOs
Bank of America is one of the largest banks in country. Their home mortgage loan division has a huge market share of financing related to residential real estate homes. Their size and scope almost doubled in residential lending space due to their acquisition of Countrywide Home loans during the financial crisis.
All the distressed properties listed on Bank of America REO website were purchased by the bank itself, typically, after failing to attract a satisfactory bid at the foreclosure auction sale. Such repo properties offer several advantages to buyers in comparison to those that buy at a foreclosure sale. Savvy and diligent property buyers can find great deals on homes in their locality by searching through the list of properties owned and listed by BOA.
REO properties owned by Bank of America can be found in almost all areas of the country. One can find a great many of these repossessed home in states that were severely affected by the housing crisis. As a consequence, Bank of America REO property listings are mainly comprised of foreclosed homes in California, Nevada and Florida - the poster states that continue to feel the drastic effects caused by the housing crisis.
Search Bank of America's Inventory of REO Homes for Sale
Most of homes that make up the inventory of Bank of America's REO listings are listed through pre-approved brokers and agents. These REO agents receive commission on the sale of a REO listing they exclusively manage and market. In addition to handling the bank's listings, agents also provide Broker Price Opinions (BPOs) to Bank of America. BPOs help a REO owning lender or bank to arrive at an appropriate sale price based on the prevailing local housing market conditions.
After an agent is assigned, the reo property to be sold off is immediately listed on the Multiple Listing Service (MLS). A typical reo agent will aspire to make commission on both sides of the transaction. Due to this, it is imperative that the selling agent will make every attempt to represent the buyer side too.
Due to the high number of repossessed home handled by banks and their REO departments, the turnaround time on offers can be quite long. Developing good rapport along with an ongoing working relationship with the listing agent can certainly aid in speeding up the contract negotiation and signing process.
A number of features and tools offered for searching and filtering the REO listings by Bank of America make the reo property hunting process much simpler and efficient. Investors should first understand all the aspects related to reo process thoroughly before proceeding to take the plunge into REO property investing. Interested investors and buyers can easily find Bank of America's REO home listings both on the bank's own REO site and also on the MLS.