|Bank of America REO Asset Management involves properties that have been foreclosed by the bank and are now available for sale in the open market. Though the bank tries hard to help borrowers retain their ownership of the houses they have bought with the money of the bank, foreclosure is sometimes the inevitable solution. Given the present housing market situation and the borrowers' inability to keep with their mortgage obligations, the phenomenon of home foreclosure is ubiquitous all over the US despite the various mortgage modification programs of the federal government.
Bank of America REO Assets
As the number of foreclosed properties rises, the issues governing the maintenance and upkeep of such properties get complicated. A bank's primary function is to provide financial solutions to customers and not to maintain an ever-expanding inventory of properties abandoned by their owners. Moreover, the bank has neither resources nor expertise to find buyers for such REO assets. An REO Department does exist at Bank of America, but the adequate handling of these requires professional expertise which only a good asset management company can offer.
Bank of America REO Asset Manager
Bank of America invites real estate agents and REO vendors to work with the bank and help it sell REO properties at fair market rates. To become an associate of the bank, you need to sign up first and then go on to become an authorized listing agent of a property owned by Bank of America. Moreover, the real estate agent works in cooperation with the bank REO asset manager in locating prospective buyers and addressing the issues involved in the sale of REO assets.
There are a number of REO asset management companies and service providers that have operations in almost all states of the US. Most of these companies help Bank of America maintain its inventory of REO properties and find quality buyers in the most hassle free manner. The end users also find it easier to conduct a search for REO assets through the property listings of these real estate brokers, agents and property vendors rather than contacting Bank of America REO Department or Asset Managers.