BofA foreclosures are quite popular across the country and this is in no small part to the bank's image of stability and dependability. People usually entrust banks with their money and this is no different when they purchase property. They would rather deal with a bank than with anyone else.
These BofA foreclosures come up in most property listings. The bank would typically commission listings services to push their properties to the market. A good resource would be those online foreclosure listings sites that maintain a huge database of foreclosures in the country.
Bank foreclosures usually follow the same process but may vary depending on the types of documentation they will require from their buyers. Buyers can either deal directly with the bank-appointed realtor or they may hire a real estate agent to handle their purchase. Either way an offer would have to be submitted to the bank's property manager along with a good-will deposit and the buyer's loan pre-approval certification.
Perks Offered By Banks
Apart from the discounted value of the property, BofA foreclosures offer a host of added value products and services along with the foreclosed homes they are selling. Among these value adds would be an appraisal of the market value of the home you are considering. There will be title insurance to save you the cost of a title search. The bank may also offer a minimum level of pest certification and sometime undertake cosmetic repairs.
There are banks that are willing to offer the loan facility that buyers can use to pay for the home. Once the bank repossesses a property, the standing mortgage is eliminated and the home comes to the market like a new listing. Banks will also take care of the eviction process to prepare the property for its new occupants. This saves the new owners from what can potentially be an emotionally charged situation.