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What are some tips for buying a Bank of America foreclosure property?

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Quick Answer

People buying foreclosed properties owned by Bank of America should determine how much they can afford, use the bank's online property locator, hire real estate specialists and get properties inspected, advises the Bank of America website. Potential homeowners must also ensure that there are no outstanding liens against the property.

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Full Answer

Potential buyers should get mortgage preapprovals in order to determine how much they can afford to spend on foreclosed properties, advises Bank of America. They should also explore all potential loan sources, as they may secure financing not available for traditional purchases. Bank of America has a search tool on its website that enables individuals to find foreclosed properties owned by the bank and determine whether purchases are made through real estate agents or through auctions. Those interested in purchasing Bank of America foreclosures should hire real estate agents who specialize in foreclosed properties who can assist with paperwork and help determine the fair market value of properties.

Because Bank of America does not guarantee the condition of foreclosed properties, potential buyers should have the properties inspected before purchasing them, the bank explains. The inspection should include the condition of the home and the estimated cost of repairs. Before finalizing the purchase of a foreclosed property from Bank of America, potential buyers should hire a title company to do a search on the property to ensure that there are no outstanding liens and that the information on the deed is correct.

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