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Bank of America Foreclosures

Updated on September 9, 2010

If you’re looking for Bank of America foreclosures, you’ve come to the right place. This article will tell you how to find Bank of America foreclosures and provide some tips to help you determine which properties to buy and which ones to avoid.

Finding Bank of America Foreclosures

The easiest way to find real estate that is owned by Bank of America is to search for it on their website’s property search page.  You must fill out either the zip code or the state field in order to search.  It won’t let you leave the form blank to see all of the properties at once.

You can also find Bank of America foreclosures, or any foreclosures for that matter, by contacting a local real estate agent.  Most bank foreclosures are listed with agents just like any other properties.  If you can find out which agent lists foreclosures for Bank of America in your area, perhaps you can get them to contact you when new properties are listed.

Things to Watch Out for When Buying Bank of America Foreclosures

There are some properties listed on the Bank of America website that are priced extremely low, even as low as $5000-$8000.  You should be extra cautious when buying properties with prices that seem too good to be true.  In many cases, you will find that these houses are located in neighborhoods where property values are low due to crime rates.  This type of property can be a real headache for an investor if you don’t know how to protect it from thieves and vandals.

You should make sure you inspect the property thoroughly before buying it, regardless of the price.  Foreclosed homes are often neglected by banks and may be in need of repairs, sometimes even serious ones.

Tips for Purchasing Bank of America Foreclosures

When you buy a bank foreclosure, you may have to jump through some extra hoops than you would go through buying a home from an individual.  Many banks have a minimum earnest money requirement that must be met before your offer will even be considered.  Be sure to ask your real estate agent to find out what the requirements are so you don’t end up wasting time making an offer that is just going to be rejected.

Another thing to remember is that bank foreclosures are almost always sold “as is.”  If you ask for repairs to be done, your offer is likely to be rejected.  The bank doesn’t want to have to mess with the property; they just want to get rid of it.  Take the cost of repairs into consideration when deciding how much to offer for the property, and plan on paying for the work yourself after closing.

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      Matt 6 years ago

      I was just going to say that I am in process of buying a BofA owned foreclosure, and they are dragging their feet getting the contract back to us. Having to go thru their local real estate agency without any contact with BofA directly leaves me in limbo...

      They have already accepted my offer, its just waiting now for them to fill out their own form.

    • profile image

      Bob  7 years ago

      Good day Beth

      I own a small, one man carpet cleaning business in Casa Grande, Arizona, ( www.CelticCarpetCleaners.com )and would like to obtain some carpet cleaning business in B of A and other bank owned foreclosures.

      I stopped in my local B of A office, and was told to try calling a purchasing officer at their HQ in SC. I then went to the B of A website, but I could find no such contact information.

      Any thoughts or suggestions would be greatly appriciated.

      Thanks, Bob

    • bethparker profile image
      Author

      bethparker 7 years ago from Grant, MI

      Nancy, I'm afraid I don't know the answer to that but maybe someone else will come along who does.

    • profile image

      Nancy Fenn 7 years ago

      I am a real estate agent and want to know how to get on there direct approved list for listings.

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