Florida Home Loans News

Bank of America foreclosed on CASH buyer

The nation’s biggest mortgage servicers- Bank of America, JPMorgan Chase. a more palatable alternative to foreclosure for borrowers. In its simplest form, borrowers with underwater mortgages sell.

Buying a Bank-Owned Property A bank-owned or real estate owned (REO) property is one that has reverted to the mortgage lender after the home fails to sell in a foreclosure auction . Once the bank owns the property, it will handle eviction (if necessary), pay off tax liens and may do some repairs.

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Note: Employees and family members residing with employees of Wells Fargo Bank, N.A., its affiliates or subsidiaries or Wachovia Corporation, its affiliates and subsidiaries are strictly prohibited from directly or indirectly purchasing any property owned or managed by Premiere Asset Services.

Banking, credit card, automobile loans, mortgage and home equity products are provided by Bank of America, N.A. and affiliated banks, Members FDIC and wholly owned subsidiaries of Bank of America Corporation. Credit and collateral are subject to approval. Terms and conditions apply. This is not a commitment to lend.

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Banks have spent a considerable amount of time and money foreclosing on these homes, and they often are eager to get these properties off their books. The buyer who is most likely to succeed in buying a foreclosed home is the one who offers the best price and the fewest contingencies.

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Cash for House Asheville NC. Buying: Homes. Land. Mobiles. Main Menu.. Bank of America Foreclosure. We do pay cash. We pay all regular closing costs. We buy houses as is. No unreasonable demands. Fast closings so you can move out & move on.

Buying a bank-owned foreclosure is different.. When this occurs most banks automatically tell us to set aside all the offers. If the buyer is planning on using cash, they need to provide evidence of the existence of this cash.