At Bank of America, we can help you achieve your homeownership goals. Show
Featured propertiesThis is a carousel with rotating links. There are up to three links shown at a time. Use "Next" and "Previous" buttons to navigate. Click on a link to expand more content. Search for a property listingForeclosures are real estate owned, REO or bank-owned properties and they have the potential to offer an affordable option to the right buyers. Bank of America can help you learn about home foreclosures with helpful tools, resources and mortgage products that can help make the process of buying a bank foreclosure an easier one. If you’re ready to shop for real estate owned properties for sale, explore the real estate owned listings from Bank of America. View properties Find a property in these states
People who plan to move aren't the only ones who put their homes up for sale. Lenders also list houses on the market. Bank-owned homes — also known as real-estate owned (REO) properties — may be worth considering as a first-time or move-up buyer. Lenders are motivated to unload these homes and are inclined to offer fair prices. Here's what to know about finding and buying a house that's owned by a bank. What is an REO property?Bank-owned or REO properties are foreclosed homes that were repossessed by lenders. Fannie Mae and Freddie Mac, the government-sponsored enterprises that purchase mortgages from lenders, also have REO properties. The term "real-estate owned" comes from an accounting term — "other real estate owned" — used on bank financial statements. Nonbank mortgage companies sell all the mortgages they originate and don't own REO properties. Here's how a home becomes an REO property:
A home can also become bank-owned if the lender accepts a deed in lieu of foreclosure. How to find bank-owned propertiesBank-owned properties are for sale in virtually every city. You can find them through:
How to buy a bank-owned homeBuying a bank-owned home is similar to purchasing a house from a traditional owner, but with a few differences. Here are some tips:
Getting ready to buy a home? We’ll find you a highly rated lender in just a few minutes. Enter your ZIP code to get started on a personalized lender match. ZIP code How do I find bankYou can find them through:. Real estate agents. Bank-owned properties are on the Multiple Listing Service (MLS), the database that real estate agents use to see and post listings of homes for sale.. Bank websites. ... . Specialty real estate listing websites.. Where can I find legit foreclosures?There are two ways to acquire foreclosed properties and other repossessed real estate: participating in government auctions or buying directly from banks like Robinsons Bank and other lenders.
How much should I offer on a bankThe longer the bank has held the property, the greater the odds that it will seriously consider low offers. You could make an initial bid at a price that's at least 20% below the current market price, or even more if the property is located in an area with a high incidence of foreclosures.
What is the best free foreclosure website?Foreclosure Listings – Free Sites. Equator.com. ... . HomePath.com. ... . HomeSteps.com. ... . Zillow Foreclosure Center. ... . Realtor.com Foreclosures. ... . Bank of America-owned properties and foreclosures. ... . RealtyTrac. ... . Foreclosure.com.. |