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Bank of America REO Asset Management |
Bank of America REO Asset Management team works to make sure that REO properties owned by the bank are made available to potential buyers and investors in the open U.S. market. Bank of America REO assets are foreclosed properties that have failed to attract the attention of the buyers during the foreclosure auctions and are now possessed by the bank. In spite of the assistance programs offered by the bank, a large number of homes go into foreclosure due to inability on the part of the homeowners to repay their mortgage loan in time. After certain grace period, the bank finally forecloses the homes of the homeowners and sells them to make up their loss.
Bank of America REO Asset Manager
To assist the buyers and investors who are looking to purchase REO assets, the bank assigns professional REO asset managers who have wide experience in selling foreclosure properties. Bank of America further invites REO Vendors and real estate brokers/agents to work closely with them and help in selling out the properties at competitive rates. Bofa REO Asset Managers will work hand in hand with the real estate agents to find out prospective buyers and investors and assist them in buying the best suitable REO properties.
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With the rising number of home foreclosures, the issues related to maintaining the foreclosure properties get more complex. It is not the main objective of a financial institute to maintain an inventory of REO properties. As a result, Bank of America REO Department has been formed to manage the foreclosed properties owned by the bank. One cannot contact the department directly as they do not offer any phone number or contact information on the bank website. However, one can contact the asset managers of the bank through the local real estate agents or broker working with the bank.
On the other hand, prospective buyers can use the property search tool offered by the bank to start looking for REO Assets in their desired locations. By providing several details such as state name, zip code, city, price range, and the property type, buyers could get the listing of the available properties for sale. In case if you are thinking to work as an associate of Bank of America then you will first have to sign up and work on to become authorized listing agent of REO properties that are owned by the bank.
A large number of reputed REO asset management companies in the U.S. also assist Bank of America to manage its huge inventory of REO assets. Through the property listings provided by such companies and local real estate agents and brokers, the common buyers find it easier to begin their property search without contacting the Bofa REO Department.
Website: http://bankofamerica.reo.com/search/PropertySearch.aspx
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