For those that are particularly interested in purchasing the foreclosed properties, the ‘Countrywide foreclosure list’ is a very powerful weapon. The list has approx. 15,000 properties that are listed that include all types of properties across the country. Both bank owned and properties that have been foreclosed find a mention in this list. Many of the properties are extremely cheap and can be found at almost 30% – 50% discounted rates.
The list has been created to help in the efforts put together by the HUD Neighborhood Stabilization Program (NSP). Buyers need to be qualified in order to purchase the properties that are given in the list under NSP. Further they are given grants through this program, especially to buy the REO properties for those communities that have seen the worst of foreclosure and its problems.
Participants in the programs can also gain access to the “First Look” program that has been initiated by Bank of America. The advantage that the investors have is that the first look properties aren’t listed in the MLS database till 15 days after they enter the countrywide foreclosure list. Real estate investors can’t subscribe to their list unless they have been given grants under the NSP. For genuine first timers, this is an opportunity to have the best of the properties available to them without competing real estate investors. Under this program, investors can purchase 5 properties with the grants that they receive under this program.
For those investors that don’t receive grants under the program can still purchase the countrywide foreclosure listing properties from a listed REO purchase program. All of these properties are usually sold through local real estate agents and some are also sold through lenders loss mitigation department. There are some states that have a high rate of foreclosure such as Florida, California, Michigan; Ohio etc. investors should consider buying the properties in these states as these states have received grants worth millions of dollars under the NSP.
Georgia is one of the states that has implemented the program and offers $14,000 in grants to those investors that purchase such foreclosed homes. Such recipients of the grant money can also sell the homes to other NSP recipients. Purchasing the foreclosed properties under this program can be rewarding for the investors they can renovate the homes and can sell such properties for getting profits commercially. Another way in which the investors can use such foreclosed properties is using them as lease or rental properties for those low-income group families that can’t afford to purchase homes or those that are unable to get the mortgage loan for purchasing the properties.
Since the program is especially meant for uplifting the neighborhoods that have borne the brunt of foreclosures. It can rejuvenate the real estate market in such communities and can help others to also sell the property at better rates or even clean up the community. Crime can be reduced and merchant establishments in the area can also benefit from NSP.
Photo by sunshinecity
ForeclosureDataOnline.com has a huge database of foreclosure listings for sale in areas like Newark, Buffalo, Pittsburgh and in the whole country. It also provides news about the Real Estate market and anything related to the foreclosure crisis.
Using the Foreclosure List to Search for Foreclosed Properties