Utilizing The Bank Of America Countrywide Foreclosure List To Purchase Real Estate

The Bank of America Countrywide foreclosure list is an valuable tool for buyers and real estate investors that want to buy reduced priced property. For years, Countrywide was heavily involved in providing mortgage notes. In 2008, the company was nearly destroyed by the foreclosure melt-down and was purchased by Bank of America.

Today, the Bank of America Countrywide foreclosure list is under management of Bank of America. Realty include a mix of bank foreclosure homes, vacant land, and commercial real estate. Interested buyers can search homes for sale at the Bank of America Real Estate Center website.

Many of the foreclosure properties provided on the Countrywide foreclosure list are priced below market value. A large percentage are in need of repairs that can range from minor work to complete renovations. Mortgage companies hardly ever invest money into bank owned homes unless it makes the realty more marketable.

Before getting started with house hunting, it can be advantageous to become educated about HUDs Neighborhood Stabilization Program. NSP grants are available in all 50 states to home buyers and real estate investors that invest in houses in areas with high incidences of foreclosure.

Funds can be utilized as earnest money or for repairs,home improvements, or restoration. NSP home buying grants are offered to individuals and private investors purchasing qualified realty. Combining NSP grants with Bank of America bank owned real estate can yield considerable savings.

Licensed real estate agents handle home showings and real estate contracts for houses presented via the Bank of America real estate center website. It is not uncommon for multiple buyers to present purchase offers on the same property, which can increase the price. Since home prices are already reduced, lenders rarely consider offers for less than the asking price.

Buyers that need a bank mortgage will have to get approved for financing before presenting purchase offers on Bank of America foreclosure properties. Upon finding real estate, it is crucial to perform due diligence before loan settlement. Hire a property inspector and real estate appraiser and obtain repair cost estimates to figure out the true cost of buying the property.

Bank owned homes can be perfect for real estate investors. This kind of realty can be used for flipping houses, rental houses, or sold using lease purchase option agreements or seller carry back trust deeds.

Making use of the Countrywide foreclosure list can be a good approach to locating the kind of property that suits your needs. Bank foreclosure listings can help investors and buyers locate reasonably priced residential and commercial real estate, as well as vacant land and foreclosed businesses.

Learn how to make the most of the Countrywide Bank of America foreclosure list from real estate investor, Simon Volkov. Simon discusses ways to profit from bank owned foreclosures as investment property SimonVolkov.com.

Avoid Top Ten Mistakes Made by Real Estate Investors

Real estate investment is perhaps one of the most lucrative forms of investment today. But it is also equally risk bound especially when one is not well versed with the trends and nuances of the real estate market. So if you are contemplating on investing in real estate, it is best to avoid costly mistakes in real estate investment especially when you invest your hard earned money into it. Knowing the most common mistakes made by real estate investors helps one steer away from making such mistakes in the future and ensures good return on investment.

Here are the top ten mistakes made by real estate investors, according to bankrate.com. Bankrate has put together the top ten mistakes after speaking to established, full-time real estate investors and other professionals involved in real estate investment such as bankers. Read on to know them and avoid them.

1. Not planning up ahead. Lack of a proper plan is the biggest mistake made by novice investors. Finding a house after forming a proper investment strategy is the right way instead of looking for a house to fit the plan. Many make the mistake of buying a house because it seems to be a good deal and then trying to see how they can fit it into their plan. Instead of buying a house and thinking one can plan in due course, investors should rather concentrate on the numbers and try to make offers on multiple properties. This will ensure a good property that not only matches their investment model but also works out well with the numbers they had planned for.

2. To believe you can make money quickly. The second major mistake that real estate investors make is to think it is very easy to get rich in real estate. This is only a myth and the reality is that investing in real estate is a long term project.

3. Doing it single-handedly. For becoming a successful real estate investor one needs to build a team of professionals who would assist the investor in his deals. This would ideally include a real estate agent, an appraiser, a home inspector, a closing attorney and a lender.

4. Making excess payment. One another reason that investors in real estate goof up in their investment is by paying too much for the properties they buy. Paying too much and locking up all the funds in the erred property deal will leave you with no money to redeem yourself.

5. Leaving out the groundwork. Not doing your homework could be a costly mistake if you were a real estate investor. Every field of business needs sufficient amount of homework to be done, and real estate investment is no exception. Learn the fundamentals and then venture into investing in properties.

6. Throwing caution to the winds. Investors have to exercise a certain degree of caution and take earnest efforts while making a deal. New investors often fail in this regard and sign a deal without doing adequate research on the property.

7. Miscalculating money flow. Investors whose strategy is to buy, hold and rent out properties need to ensure sufficient cash flow for maintenance. Property managers could be expensive and the owner has to incur more expenses such as mortgage, taxes, insurance, advertising costs etc. Investors have to allocate their budget such that all these expenses are taken care of, or end up having their asset turn into a liability.

8. Lowering the volume. A larger volume of deals or transactions helps in increasing the profits by reducing the impacts of marginal deals.

9. Getting trapped in your own deal. Having more number of options at hand for the property you buy is a wise strategy. This helps one to be prepared for fluctuations in the real estate market. Plans to rent out the house could go awry when the rental market slumps. Having alternative plans helps you cut down losses and tackle unexpected situations.

10. Making incorrect estimates. People who plan to rehab their house need to check if they will still reap the benefits at double the time that they had estimated. This ensures they do not miscalculate and lose money on the deal.

Read more: http://www.articlesbase.com/real-estate-articles/avoid-top-10-mistakes-made-by-real-estate-investors-151870.html#ixzz0peFljr8N
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