Bank of America List of Foreclosures

If you are considering purchasing a foreclosure property for investment reasons or to move into, consider reviewing the Bank of America list of foreclosures. Like many other mortgage lenders, this financial institution offers a long list of bank-owned properties for sale in various areas of the country.

Financing Foreclosure Property Purchases

When a homeowner stops making payments on a mortgage, and the home falls into foreclosure, the home becomes the property of the mortgage lender. Even when a homeowner stays up to date on payments, the lender is still considered the lien holder. In fact, the mortgage lender is considered the lien holder on the home until the mortgage is paid in full by the borrower. When a foreclosure is completed, the borrower no longer has any entitlement to the home despite any previous payments made.

Lenders who take full ownership of homes then have the job of finding buyers so the lender's investment becomes profitable once again. A foreclosed home sitting unoccupied is not a preferred situation for mortgage lenders.

Although there are many other resources for finding foreclosed homes – such as using a buyer's agent or combing the Internet for generic listings – using a preferred lender's list of foreclosures can help you pinpoint an appropriate listing without much research. By the same token, keep in mind that limiting your search to one lender's website will reduce the number of results you receive.

The Bank of America list of foreclosures allows you to search for foreclosed properties by location or type of house. It's possible to view every available foreclosed property through Bank of America but it is possible to greatly reduce unsuitable results by specifying exactly what you are looking for. The online list, which requires registration, allows viewers to specify:

• Type of Property: The list of BofA foreclosures has listings for both residential and commercial properties. The listing also includes plots of lands as well as properties zoned for mixed use. Mobile homes are also included on this list.
• Location: Viewers can search in a specific state and can further specify the desired county and city. It's easy to get a quick glimpse of how many foreclosures are listed within a specific state by reviewing the full state list because the number of properties is placed in parenthesis next to each state. For example, twelve foreclosure properties in the state of California would be listed as California (12).
• Price Limit: You can specify a minimum and maximum amount of money the foreclosed home costs. Keep in mind that your search should revolve around the asking price of a home as opposed to the actual amount you're willing to bid on a home because it's common practice to initially bid a lesser amount of money on a home than the asking price. Many buyers wind up paying less than the asking price, even on some foreclosure properties.
• Home Specifics: If buying a residential property, you can specify the number of bedrooms and bathrooms you would like to search for. It is also possible to leave this option blank in order to receive the highest number of available properties listed within a certain geographic location.

The more specific your requests when searching through the Bank of America list of foreclosures, the fewer results the search will yield. On the other hand, if you know that there is one specific type of property you want to buy then the search options will narrow down the available properties considerably to help you find what you are looking for.

Clicking on a property listing yields:

• A photo of the property, if available
• The address of the property
• The asking price for the property
• The agent to contact for more information or to submit a bid

Bank of America does not guarantee approved financing for the bank owned properties. Potential buyers must go through the same application process as other mortgage applicants.

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