Countrywide Short Sale and Foreclosure

Countrywide, once the biggest independent mortgage provider, created an extensive foreclosure list.  This list is commonly referred to as the “Countrywide Foreclosure List.”  Bank of America purchased Countrywide in 2008, including the foreclosure list and the properties on the list.  This list can now be found on the BOA website.  It is a great tool for finding countrywide short sale and foreclosure properties.

You can enter specific terms to find the type of property you are interested in.  Searches can be done for every type of property from residential to commercial and from vacant land to new construction properties.  Both short sale and foreclosure properties are included in the list.  The properties are sold through Bank of America’s loss mitigation department and by independent realtors.

Using the Countrywide short sale and foreclosure list is very convenient.  You can look for properties of interest from anywhere you can get an internet connection.  Saving your searches and printing out information on the properties saves you time and effort when trying to locate what you want and can afford.

Look for the areas you are interested in.  This will vary based on your lifestyle and situation.  If you have children, you may want to start by looking for areas with excellent schools.  If you are a profession, you may be interested in being able to easily access the interstate system.  Almost everyone would like to be near grocery stores and shopping malls.  Investigate the area to be sure you are getting into the situation that is best for you.

A bank foreclosure property is owned by the bank.  This means the property is being sold with a clean slate; there are no liens against it.  It can be an easier transaction than purchasing property through auction.

REO properties are often more ideal than short sales or foreclosure properties for the first time home buyer or the investor.  The first time home buyer often obtains instant home equity upon the purchase.  Investors commonly pick up these types of properties to be used for long-term or seasonal rentals.  If the real estate is in a vacation destination, it can create significant cash for the investor.

Countrywide short sale and foreclosure properties can be purchased in basically the same manner as any other property.  You can visit the website to find out how much mortgage you can afford, and unless you are paying cash for the property, you will need to get preapproved mortgage financing.

REO, or real estate owned bank foreclosures, are typically sold as-is.  The properties are likely to need some degree of repair, which is reflected in the lower prices.  You should make sure the property you are interested in is worth the amount being asked for.  The best way to be certain is to have the property appraised and inspected.  Keep in mind most listings included in the countrywide short sale and foreclosure list have already had the price reduced significantly.  The bank has already lost money in the foreclosure process which typically leaves little room for negotiation on the price.