| The Countrywide foreclosure list offers thousands of | | | | expensive home. |
| nationwide bank owned properties; many of which are | | | | It is important to understand that bank owned real |
| sold at deeply discounted prices. Once the nation's | | | | estate consists of foreclosure properties which did not |
| largest independent mortgage lender, Countrywide | | | | sell through action. Also referred to as real estate |
| was bought out by Bank of America in 2008 for a | | | | owned or REO properties, these houses are sold "as |
| whopping $4.1 billion. BOA assumed a massive portfolio | | | | is" and generally require some type of repair. Buyers |
| of 'toxic assets' consisting of preforeclosure and | | | | must conduct due diligence and obtain a home |
| foreclosed properties. | | | | inspection to verify the house is worth the listing price. |
| Today, the Countrywide foreclosure list is available to | | | | The primary difference between foreclosed and bank |
| the public through the Bank of America website. Real | | | | owned homes is once lenders take possession |
| estate investors and prospective buyers can use the | | | | attached liens and judgments are removed and the |
| list to locate single and multi-family homes, commercial | | | | house is sold with a clean title. This is especially |
| real estate, vacant land and newly constructed houses. | | | | beneficial for first time home buyers and those |
| Countrywide / Bank of America properties for sale | | | | unfamiliar with the required process for purchasing |
| include bank owned properties, foreclosure homes and | | | | foreclosure real estate. |
| short sale real estate. Buyers can locate a wealth of | | | | Repossessed homes often make for good investment |
| discounted properties and cheap homes for sale. | | | | property that can be used as a rental or vacation |
| Properties listed through the foreclosure list are sold | | | | home. Buying foreclosure property located in a popular |
| through an independent real estate agent or directly | | | | tourist destination can provide the opportunity to |
| thorough BOA's loss mitigation division. | | | | generate positive cash flow. |
| Purchasing Countrywide properties isn't any different | | | | Investors who utilize the Countrywide foreclosure list to |
| than purchasing real estate through realtors. Buyers | | | | scout out rental homes should take time to investigate |
| are required to undergo the same home loan financing | | | | the area where properties are located. Tenants with |
| process as anyone else. However, individuals wanting | | | | school-aged children generally are looking for high |
| to purchase bank owned properties through BOA are | | | | ranking schools. Others might desire easy access to |
| required to obtain lending prequalification to determine | | | | interstate systems or shopping districts. Becoming |
| how much house they can afford. | | | | familiar with the area and what it offers allows |
| Buyers of Countrywide foreclosure real estate may | | | | investors to find appropriate REO houses to attract |
| qualify for first time home buyer programs and tax | | | | the type of tenant they are seeking. |
| credits. The home buyer tax credit was recently | | | | Buying repo homes does not always equal significant |
| extended through June 30, 2010. First time home | | | | savings. Banks have already incurred a loss through |
| buyers are eligible for an $8000 tax deduction. | | | | the process of foreclosing on the property. Bank |
| Homeowners who have resided in their primary | | | | owned properties listed on the Countrywide |
| residence for five years or more are eligible for a | | | | foreclosure list have little room for price negotiation. |
| $6500 tax credit when they purchase a more | | | | |