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29 Jun 09

Bank of America Gives Cities, States First Shot at REOs

This could be a good opportunity for Bank of America to get rid of foreclosure inventory and help cities restore slum areas at the same time. Probably won't fly, but it's worth a shot.

www.realtor.org/...News2009062305 - Preview

foreclosures reos bank of america

Bank Gives Cities, States First Shot at REOs

Bank of America is making it easier for states and cities to buy foreclosures before investors purchase them.

The program is a result of the U.S. Department of Housing and Urban Development’s Neighborhood Stabilization Program, which aims to encourage redevelopment of neighborhoods hit hardest by foreclosure and the resale of properties to home owners.

Bank of America will notify participating cities that properties are available before they are listed on multiple listing services. The company will set the prices with no haggling allowed.