The words ""real estate auction"" and ""investor"" usually go hand in hand, but ""Bank of America"":https://www.bankofamerica.com/index.jsp and the auction company ""REDC"":http://www.auction.com/ recently announced plans for a foreclosure auction exclusively for owner-occupant homebuyers.
[IMAGE]The July 24 auction will include more than 100 homes located in the Inland Empire of Ontario, California. These Bank of America-owned homes have been removed from the market and are inspected, repaired, and ready for sale, REDC said.
Bidding will only be open to homebuyers seeking a home as a primary residence, municipalities participating in HUD's Neighborhood Stabilization Program (NSP), and housing nonprofit organizations.
""Recognizing the Inland Empire's unique housing and economic challenges, it is best when we can sell our inventory of real-estate owned properties to families who
[COLUMN_BREAK]will live in the homes and contribute to the revitalization of the greater community,"" said Matt Vernon, national servicing executive for Bank of America.
REDC said it conducted similar auctions earlier this year in Arizona, Nevada, and California, auctioning a total of 368 properties to individuals and families with a combined purchase price of $32.7 million.
Jeffrey Frieden, CEO of REDC, said this auction event is an example of Bank of America's pledge to stabilize communities and promote homeownership opportunities. He said the auction will help the bank manage its REO inventory in an effective, responsible manner.
In addition to community auctions like this one, Bank of America said it works with nearly 400 communities and housing nonprofits through the NSP program in high foreclosure markets across the country, providing a daily inventory of properties in the bank's servicing portfolio and a dedicated team of trained asset managers assigned to NSP participants to expedite the REO sales process. According to the bank, more than 655 properties totaling more than $62 million have already been sold with NSP funds, with 161 additional properties currently in escrow.
Bank of America said it is also working with the National Community Stabilization Trust to further serve more than 100 localities across the nation hardest hit by the foreclosure crisis to offer ""first look"" purchase opportunities for owner-occupied buyers.