Does Bank of America sell foreclosures?

REO & Bank Owned Homes Foreclosures are real estate owned, REO or bank-owned properties and they have the potential to offer an affordable option to the right buyers. If you’re ready to shop for real estate owned properties for sale, explore the real estate owned listings from Bank of America.

How do I contact Bank of America REO?

If you have any questions, call us at 800 846 2222.

Who does Bank of America use for REO?

PEMCO Limited
PEMCO Limited is contracted by Bank of America to handle REO Property Preservation Services on residential properties.

What does REO foreclosure mean?

Real estate owned
Real estate owned (REO) is the term for a property owned by a lender because it failed to sell in a foreclosure auction after the borrower defaulted on their mortgage. Banks attempt to sell their REOs using a real estate agent or by listing the properties online.

Can you negotiate a bank owned foreclosure?

Banks are willing to negotiate foreclosures because they are losing money on the property when it sits vacant. Banks can negotiate directly with buyers without the assistance of a real estate agent. Because they own the property, banks can set the price for any value they deem acceptable.

What happens when a house is foreclosed by the bank?

Foreclosure means that your mortgage lender can legally repossess your house due to nonpayment. They can then sell your house to help repay the debt you owe on it. This is true whether you are behind on your first or second mortgage.

Where can I find Bank of America foreclosure listings?

Search for homes on the Bank of America Real Estate Center to access Bank of America foreclosure listings and information. You should work with a real estate agent who is experienced with REO properties.

Where can I find Bank of America REO properties?

Consider Bank of America as a source for REO properties when you are looking to take advantage of today’s affordable housing. Search for homes on the Bank of America Real Estate Center to access Bank of America foreclosure listings and information. You should work with a real estate agent who is experienced with REO properties.

What happens when Bank of America forecloses on a house?

If Bank of America is the lender for the home loan and the homeowner does not pay the delinquent payments, then a notice of foreclosure is provided to the homeowner and the individual has until the property date of sale to get the property back in good standings with the bank. This document also informs the public of foreclosure proceedings.

Are Bank of America foreclosure properties a good investment?

Bank Foreclosure properties are often great investment opportunities for investors and potential homebuyers because they can often be purchased for well below market value. It is essential to note that foreclosure properties are often sold “as is” and therefore the lender is unlikely to make requested repairs.