BrokerageIndustry News

BofA giving munis first shot at REOs

REOs will be listed on private site before MLS
Published on May 29, 2009

Get Inman via Facebook Messenger
Our top headlines delivered once a day.
by CareyBot

Bank of America says it will give municipalities recieving neighborhood stabilization grants a "first look" opportunity to purchase bank-owned properites before they are listed on multiple listing services and other public sites.

The bank said it's streamlining the process for municipalities to purchase properties from its real estate-owned (REO) portfolio to help them leverage federal grants and minimize the impact of foreclosed homes on surrounding property values.

Comments