May 18, 2024


Mad about real estate

Countrywide Foreclosure List: Tips for Locating Discounted Bank Owned Real Estate

The Countrywide foreclosure list is a great resource for individuals and real estate investors to locate discounted bank owned properties. Countrywide was once the largest independent mortgage provider until bought out by Bank of America in 2008. BOA took over Countrywide’s real estate portfolio consisting of thousands of foreclosed properties.

The Countrywide foreclosure list can be found through Bank of America website. Buyers can enter specific search terms to locate residential homes, newly constructed houses, vacant land, and commercial real estate.

Property listings include foreclosure homes, real estate short sales, and bank owned properties. Visitors can locate an abundance of deeply discounted properties and cheap homes for sale. Countrywide / Bank of America property listings are sold through independent realtors or through BOAs loss mitigation department.

The process of buying Countrywide foreclosure real estate is no different than buying houses through real estate agents. Buyers must apply for preapproved mortgage financing unless able to buy homes with cash. Visitors to the site can apply for home loans directly on the site to determine how much they can afford.

Bank foreclosures refer to real estate that did not sell through public auction. Once lenders take possession of foreclosure properties they remove creditor and tax liens and sell real estate with a clean title. This can be a big advantage over buying houses through auctions.

Often referred to as real estate owned or REO, bank foreclosures are sold in as-is condition. Most require some level of repair, but prices are adjusted accordingly. Buyers should engage in due diligence and obtain a property appraisal and inspection to ensure the home is worth the asking price.

Real estate owned properties can be a good choice for first time house buyers and investors. Many real estate investors seek out foreclosure properties for use as long-term and seasonal rentals. Investing in real estate located in popular vacation destinations can provide the opportunity to generate positive cash flow. Buyers often obtain instant home equity when purchasing bank owned foreclosures.

The Countrywide foreclosure list allows buyers to scout out properties from the comfort of home. Buyers can save their searches and print information regarding potential properties. Utilizing the Countrywide list can save buyers’ time and money and help locate the perfect home within their price range.

Real estate investors who use the Countrywide foreclosure list to locate potential rental properties should spend time investigating the areas where real estate is located. Tenants with school-aged children are attracted to areas with high ranked schools.

Professionals typically prefer to rent homes which offer easy access to interstate systems. Most people want houses that are close to shopping malls and grocery stores. Becoming familiar with the area and what is offers, allows real estate investors the opportunity to find appropriate foreclosure homes to attract the type of tenant they are seeking.

Buying homes that have been repossessed by banks does not always equal substantial monetary savings. Lenders have already suffered financial loss through the foreclosure process. Most properties listed on the Countrywide foreclosure list have little room for price negotiation.