Bank of america list of foreclosed homes

Bank of America is a US-based company and the second largest bank in the county as of this writing.  Bank of America is a national lender and has a significant inventory of foreclosure properties for sale.   Bank of America acquired the assets and loans of Countrywide Financial back in 2007.   Countrywide is now known as Bank of America Home Loans.

Bank of America utilizes the services of local real estate agents in listing their local properties on the market.  Bank of America foreclosure properties should be listed on the local MLS system with a local real estate agent.  You can find foreclosure listings in your local MLS system from Bank of America.

As with all foreclosure purchases, the approval process for an offer made on a Bank of America foreclosed home can take longer than a traditional sale.  Generally, there maybe more than one level of approval needed internally within Bank of America to approve an offer.  There may also be an investor involved which will need to approve the offer made by a buyer of a foreclosed home.

Bank of America also notes that property condition on foreclosed properties are generally unknown.   There may not be any records of maintenance, repairs or condition of the foreclosed property.  Bank of America encourages and allows all buyers of foreclosed property to conduction home inspections on the property.  This is always generally a good practice when buying a foreclosed home.

Bank of America also offers financing for foreclosure properties including renovation loans.  You can pre-qualify for a mortgage on the Bank of America website.  You can also sign up for email alerts when new properties become available in your area of your choice or price range.  The BOA website is an easy way to find foreclosure listings.

You can find Bank of America national foreclosure listings on their website at this link.

Visit Bank of America’s Website

 Author:  TJ-Google+

Twelve years past the foreclosure flood unleashed by the Great Recession, we’re moving from a COVID-driven real estate boom to a period of rising interest rates, persistent inflation and signs of a weakening economy. Will that lead to rising foreclosures, short sales and lender-owned properties (REO, or real estate owned) as lenders take back properties whose mortgages buyers could no longer service?

That of course could mean hardship for some, but, as before, an opportunity for investors to flip homes for profit as many American workers continue to work remotely full-time, often seeking out less-expensive cities and towns.

Foreclosures on the Rise 

Some statics about where we stand now: According to ATTOM Data Solutions, a property database provider, there were more than 34,500 U.S. properties in foreclosure – default notices, bank repossessions or scheduled auctions – in August 2022 (the most recent data), up 14% from July and 118 percent from August 2021. The counties with the highest foreclosure rates in August were in Illinois, Kansas, New York, Michigan, Alabama, Pennsylvania and Louisiana, according to ATTOM.

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Buying and flipping foreclosed homes might be a path to consider for those who are building a home-selling business. It follows the maxim of buy low, sell high: buy a foreclosed home on the cheap, make the needed improvements, and sell at or above the market value.

Seeking foreclosure homes near you? Foreclosure laws vary by state. Check with your county, town or city. They may have foreclosure websites or other means of listing local foreclosures and REO properties. But there is a wide range of online resources for finding foreclosures, including most larger banks (we’ve listed a few): 

Foreclosure Listings – Free Sites 

Equator.com. Equator offers free listings of homes in foreclosure – under “buy,” click on “foreclosure homes” – alongside short sales, open-market listings, and properties available through the Hubzu auction process.  

HomePath.com. Owned by the Federal National Mortgage Association, known as Fannie Mae, HomePath.com offers free listings of thousands of homes in foreclosure being sold by Fannie Mae. 

HomeSteps.com. This site is owned by the Federal Home Loan Mortgage Corporation, also called Freddie Mac. It lists homes in foreclosure that Freddie Mac is selling to investors or potential home buyers.

Zillow Foreclosure Center. The popular website used by home sellers and buyers alike has its own search site for foreclosure listings. You can fashion your own method of searching, filtering by cost or location.

Realtor.com Foreclosures. Similarly, Realtor.com, also used by new-home seekers or sellers, can help you find foreclosures. You can focus your search using a zip code and/or city. And, while we're on the subject of Realtors, you can also check with local real estate companies and their agents directly to search for foreclosed homes.

Bank of America-owned properties and foreclosures. This site allows users to search for real estate owned or bank owned foreclosed properties, by zip code or other methods.

Foreclosure Listings – Subscription Sites 

RealtyTrac. There’s a free 7-day trial; after that, it’s $49.95 a month, with discounts on multi-month packages. Members get access to RealtyTrac’s proprietary information, including auctions dates and locations, pre-foreclosure addresses, owner information, bank loan amounts and more. 

Foreclosure.com. After the free 7-day trial, it’s $39.80 per month. Subscribers receive detailed information on the listed properties, tax roll data, files provided by the lender, local school districts and other listing details. 

Foreclosure Listings – Government Sites 

HUD.gov. Potential investors and other home buyers can find one- to four-unit residential properties that the Department of Housing and Urban Development acquired from foreclosure actions on FHA-insured mortgages.

USDA-RD/FSA Properties. The United State Department of Agriculture-Rural Development and the USDA-Farm Service Agency list properties on this website. Here, you’ll find a small number of single- and multi-family homes, farms, and ranches. Buyers should contact the local USDA-RD office for more information on the property and how to buy it. 

IRS Seizures. This Internal Revenue Service website is a portal to finding homes and other property seized by the tax agency for nonpayment of federal taxes. 

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