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Bank of America REO

Bank of America REO refers to the houses and residential properties that come under the possession of the company as a by product of a mortgage foreclosure process. The bank has a specialized department to manage these foreclosed properties and find buyers to dispose of these and replenish the cost of mortgages. Known as Real Estate Center, it provides listing services to buyers as well as resources to real estate agents, vendors and brokers to help them sell bank-owned properties. Besides these properties, BofA REO inventory contains new and existing homes also. The bank also has a resource center to apprise agents, brokers and vendors of its short sale programs and guidelines. For everything pertaining to Countrywide REO, use the resources provided by BAC Home Loans Servicing LP, a subsidiary of BOA.

Bank of America REO Properties

The nationwide listing for Bank of America REO Properties for sale is available online on bankofamerica.reo.com, a website containing all resources required by homebuyers, agents, brokers, vendors and asset managers. The search can be performed by providing details of location, price, bed & bath preferences and the property type. There are residential as well as commercial properties listed under categories like single family, condo, townhouse, duplex, office, retail, apartments and golf courses.

The listing for foreclosed FHA-insured houses is provided by the HUD website. Moreover, the websites of Fannie Mae and Freddie Mac are also a good resource to find Bank of America REO homes for sale. You can visit your county clerk’s office to check for updates on auctions to be held in your vicinity. There are various asset management companies that also specialize in providing relevant resources for a fee.

Bank of America REO Asset Management

Bank of America became the largest mortgage origination and loan servicing company after it acquired Countrywide Financials in 2008. The same year saw unprecedented downturn in economy that resulted in loss of jobs for many and reduced salaries for others. The phenomenon led to increasing number of mortgage defaults and home foreclosures across the country. To help prevent foreclosure, the bank has revamped its REO asset management department and streamlined its effort to bring relief to its customers. Asset managers are entrusted with additional charge of finding and developing property liquidation tools, such as a short sale process to decrease the phenomenon of bankruptcy and foreclosure sales.

Bank of America REO Agent and Broker

Bank of America REO properties are sold through a network of real estate agents and brokers. The bank does not provide brokerage service, though a buyer may hire an agent to negotiate with the seller’s agent and strike the best deal. Registration is required to become Bank of America REO listing agent or Countrywide REO broker. The application form can be downloaded online from realestatecenter.bankofamerica.com. The completed application form should be sent via email to reo@bankofamerica.com. There is a specialized Real Estate Agent Resource Center to help brokers and vendors apply and get registered online, and also find information necessary to maintain their relationship with B of A.

Bank of America REO Department

It is hard to contact Bank of America REO Department via phone but you can send them an email using the address given above. You can try the customer service number of BAC Home Loans Servicing LP to know how you can contact BofA Real Estate Owned Department. This company came into existence after the merger of Bank of America and Countrywide Financials and is now accessible via the following phone number:

Bank of America REO Department Phone Number: 1.800.669.6607

Website: www.bankofamerica.reo.com


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