The Countrywide foreclosure list offers thousands of nationwide bank owned properties; many of which are sold at deeply discounted prices. Once the nation’s largest independent mortgage lender, Countrywide was bought out by Bank of America in 2008 for a whopping $4.1 billion. BOA assumed a massive portfolio of ‘toxic assets’ consisting of preforeclosure and foreclosed properties.

Today, the Countrywide foreclosure list is available to the public through the Bank of America website. Real estate investors and prospective buyers can use the list to locate single and multi-family homes, commercial real estate, vacant land and newly constructed houses.

Countrywide / Bank of America properties for sale include bank owned properties, foreclosure homes and short sale real estate. Buyers can locate a wealth of discounted properties and cheap homes for sale. Properties listed through the foreclosure list are sold through an independent real estate agent or directly thorough BOA’s loss mitigation division.

Purchasing Countrywide properties isn’t any different than purchasing real estate through realtors. Buyers are required to undergo the same home loan financing process as anyone else. However, individuals wanting to purchase bank owned properties through BOA are required to obtain lending prequalification to determine how much house they can afford.

Buyers of Countrywide foreclosure real estate may qualify for first time home buyer programs and tax credits. The home buyer tax credit was recently extended through June 30, 2010. First time home buyers are eligible for an $8000 tax deduction. Homeowners who have resided in their primary residence for five years or more are eligible for a $6500 tax credit when they purchase a more expensive home.

It is important to understand that bank owned real estate consists of foreclosure properties which did not sell through action. Also referred to as real estate owned or REO properties, these houses are sold “as is” and generally require some type of repair. Buyers must conduct due diligence and obtain a home inspection to verify the house is worth the listing price.

The primary difference between foreclosed and bank owned homes is once lenders take possession attached liens and judgments are removed and the house is sold with a clean title. This is especially beneficial for first time home buyers and those unfamiliar with the required process for purchasing foreclosure real estate.

Repossessed homes often make for good investment property that can be used as a rental or vacation home. Buying foreclosure property located in a popular tourist destination can provide the opportunity to generate positive cash flow.

Investors who utilize the Countrywide foreclosure list to scout out rental homes should take time to investigate the area where properties are located. Tenants with school-aged children generally are looking for high ranking schools. Others might desire easy access to interstate systems or shopping districts. Becoming familiar with the area and what it offers allows investors to find appropriate REO houses to attract the type of tenant they are seeking.

Buying repo homes does not always equal significant savings. Banks have already incurred a loss through the process of foreclosing on the property. Bank owned properties listed on the Countrywide foreclosure list have little room for price negotiation.

Source by Simon Volkov