Understanding Countrywide Foreclosures

Countrywide foreclosures are nationwide bank owned properties being sold by Countrywide which was later bought by Bank of America

. Countrywides massive portfolio of real estate assets include pre-foreclosures and foreclosure properties. What you need to know about these foreclosures is that they are all steeply discounted and come in very cheap prices, so much so that they represent one of the most lucrative areas in foreclosures market.

How to Buy Countrywide Foreclosures

Buying Countrywide foreclosures allows you to own properties at very cheap rates. This could be perfect especially if you are doing this for a profit. The process of buying these properties are actually similar to purchasing other foreclosures. You will also need to prequalify in order to be approved. This is important so that the bank would know the range of property that you can buy within your financial capacity. In order to know your credit standing, it would be wise to consult a lending counselor.

A real estate professional can also help you throughout the entire buying process. In fact, they are even required by law in some states to be part of the sales transactions. Also, make sure that you have consulted a lawyer or attorney to help you understand the laws in a particular state and other legal issues that could crop up at any phase of your purchase.

A preapproval will work to your advantage since it will help assure the seller that you are credible enough to be extended a loan. A preapproved loan should give you an edge when it comes to winning highly desirable properties. Do not forget to attach the preapproval letter to your application so that the bank would be made aware of your credit standing. You should also bring other pertinent documents that could help the bank assess your application such as your other sources of income, employment data, savings and current accounts and other financial information.

Within three days after the submission of your application for countrywide foreclosures to the bank, you will be provided a Good Faith Estimate or GFE which would apprise you of the costs of your home loan. They will also provide you with a document containing all the terms and conditions of your loan.

by: Joseph B. Smith

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