BrokerageIndustry News

BofA giving munis first shot at REOs

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

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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.