Bank of America Puts Short Sales Ahead of REO

The final decision is made by the bank’s REO department and not the listing agent. chase short sales before Foreclosure Auction. An interested buyer can present before the property is foreclosed. During the pre-foreclosure process, the buyer can approach the borrower facing foreclosure and make an.

How to get REO offers accepted on bank-owned homes, known as REO foreclosures, tips for a winning offer, especially in multiple-offer situations.

Bank of America & Short Sales? Asked by Sara, Fairfax County, VA Mon Feb 15, 2010. We are trying to purchase a short sale that has a 1st 2nd mortage through BoA. Just wondering how they were to deal with and if anyone has countered on a short sale with them and suceeded.

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Bank of America Corp., the largest U.S. lender, extended a freeze on foreclosures. people are breathing a short-term sigh of relief because the likelihood of distressed sales putting downward.

Bank of America (for instance) auctions off houses that have gone into foreclosure for the amount owed plus any carrying costs which usually makes the auction price higher than what was owed. A pre-bid was submitted by Bank of America Home Loan Servicing (the rename for Countrywide) in the exact amount of the auction minimum (mortgage owed plus carrying costs).

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In Front of a Home. Banks or other mortgage lenders do not set foreclosure prices according to the. When the home is ready for sale, the lender will work with a broker to put the real estate owned property on the market.. clicking a link to the retailer that sells the product may earn us a commission.

In this real estate market, there are a lot of foreclosed homes owned by banks, known as Real Estate Owned or REO properties. If a home is not purchased at the foreclosure auction, its ownership reverts to the bank, and the bank will then turn around and sell the home on the open market.

“If a homeowner is in distress but LTV [loan to value ratio] says that he’s still in the money, it doesn’t have to be a short sale,” Moyle said. When asked about Bank of America’s REO inventory, a.

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