How To Find Short Sales With Bank Of America

"Like most major banks, Bank of America is burdened with distressed homes, particularly short sales. But since it’s not part of a short sale bank’s business to own property, they want to get rid of them as soon as possible. That’s why the Bank of America short sale department has started publishing a list of short sales available to buyers, making it easier for potential buyers to find the right homes. If you’re thinking of investing in a Bank of America short sale property, here’s a quick guide to help you search more efficiently.

Online Listings

Start by looking at the bank short sale listings online. Bank of America keeps a list of short sales and foreclosures on its website, regularly updated so you can find the newest listings or search my specific parameters. If you’re working with an agent, he or she can also carry out the search for you. Make sure to check from time to time as new homes are being added all the time, and some of the best ones are quickly sold and closed.

Short Sales vs. Foreclosures

A short sale bank typically lists more than short sales—they can also offer homes in pre-foreclosure, auction homes, and real estate-owned or bank-owned properties (REOs). The difference between these homes is the stage of foreclosure they are in. Pre-foreclosure homes are often sold as a Bank of America short sale to stop foreclosure proceedings. Auction homes are in actual foreclosure and sold through a public bidding, while REO homes are foreclosures that failed to get bids. The selling process varies slightly with each one, so consider talking to a Bank of America short sale specialist to see which will work best for you.

Local Branches

If you want more area-specific information, you may be better off visiting a Bank of America short sale office near you. They may be able to show you homes in your city, or even a particular community or neighborhood. It’s also a good way to check out average short sale bank prices, so you can adjust your budget accordingly.


Making The Most Of Your Search

Try to make use of any search features available. Besides searching by location, for example, you can choose to search within a specific price range, or narrow down to a specific property type, floor or lot area, or even features such as parking or number of bedrooms. Have a good idea of what you want in a home beforehand, so you’ll spend less time searching and more time negotiating ideal terms with the short sale bank."

Tips For Citibank Short Sale Sellers

"Citibank holds a large share of today’s distressed mortgages, and luckily, it’s one of the first major banks to take part in the government’s short sale and foreclosure prevention programs. The Citibank short sale process has been greatly improved over the past few months and has helped thousands of homeowners out of foreclosure. If you’re struggling to keep foreclosure at bay, a short sale Citibank deal may just be the solution for you. This article offers a few tips on getting approval.







Choose A Good Realtor.

Citibank short sale officials recommend working with an experienced realtor. This will not only help you sell your home faster, but also help you avoid common pitfalls in the short sale Citibank process. They’ll also help you do the math and present a viable proposal to the bank, as well as get your home seen by more potential buyers. Check local listings to see which realtors in your area have the most experience with short sales, or ask your friends and family to recommend one.

Check Your Home’s Value.

A Citibank short sale works best if your home has negative equity, meaning it’s worth less than what you owe on your mortgage. A comparative market analysis, provided by your realtor, can give you an idea of what your home is worth in today’s market. If you can still make profit out of the sale, short sale Citibank officials may recommend other ways to help, such as modifying your mortgage or refinancing to a lower-interest loan.

Explain Your Hardship.

The Citibank short sale department is known to be strict on hardship requirements. You must have a valid hardship to qualify for any mortgage workout. Common examples are medical emergencies, job loss, divorce, or death of a family member. The key is to prove that the situation was out of your control. You will need to explain this in a hardship letter and present supporting documents, such as medical bills or dismissal slips.

Do Your Research.

Many Citibank mortgages are co-owned by secondary lien holders, who will have to approve the short sale as well. You can find out who owns your loan by calling the bank directly or looking it up on the bank or insurer’s website. The more parties that have a stake on your mortgage, the longer the short sale Citibank process can be. Try to get in touch with the secondary lenders and keep a record of every exchange to avoid unnecessary delays."

Foreclosure, Short Sale, REO: What’s The Difference?

Distressed properties have been crowding real estate markets since the housing crash, and for many, this means a chance to snap up homes at below market value. First-time buyers, repeat buyers, and property investors have all benefited from this trend. But surprisingly few of them understand the basic differences between distressed homes. A foreclosure is different from a short sale, and both are different from bank-owned homes. This article discusses the types of distressed properties and why the difference matters to the buyer.


Foreclosures

A foreclosure is basically a home that a lender has seized because the borrower can no longer pay the mortgage dues. Lenders sell them off in a foreclosure auction, where it goes to the highest bidder. Foreclosure prices are usually low because the home has lost market value and lenders have already taken a loss from the borrower’s missed payments. It’s not uncommon for a home in foreclosure to sell for 40% below market prices. The catch is that foreclosed homes are sold as is, meaning the buyer cannot request repairs or inspections as with a regular sale.
Real estate-owned (REO)

An REO home is a home that has gone into foreclosure but did not get any bids. Lenders then try to sell the home off themselves, often using conventional methods such as MLS listings and realtor services. Usually, they’ll fix up the home and do a title search so that it’s more attractive to buyers. Because of this, REO homes may cost more than foreclosed properties—typically no more than 20% below market value. Unlike in a short sale, buyers do not get a second chance on an offer, as banks get multiple offers and simply go with the highest. REO homes are also sold on as “as is” basis.

Short sale

In a short sale, the buyer sells the home for less than the mortgage they owe and uses the proceeds to settle the loan. Lenders either forgive the difference or claim the deficiency afterwards. This typically happens when the buyer’s mortgage is upside down, or their debt on the home is greater than its current value. Because of this, short sale prices are at most equal to market value; the bank usually decides whether or not to accept less. Short sale homes can be listed the same way as conventional homes, except that offers have to be approved by the lender. This is usually noted somewhere in the home listing so that potential buyers can tell it’s a short sale.