"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."
