Ontario, CA (Vocus) July 2, 2010
Bank of America, actual estate auction specialist REDC and New Vista have announced that they will auction much more than 100 bank-owned residences in the Inland Empire. The auction will be open to homebuyers in search of a home as a main residence, municipalities participating in the U.S. Housing and Urban Development (HUD) Neighborhood Stabilization Plan (NSP), and housing nonprofit organizations.

The auction will be held on Saturday, July 24, at the Ontario Convention Center. Registration begins at 8:00 a.m. PDT and the auction begins at 9:30 a.m. PDT.

The July 24 auction is for bidders who intend to occupy the properties as their principal residence, with out competitors from investors. The Bank of America-owned properties to be auctioned have been removed from the industry, inspected and repaired, and are prepared for sale.

Far more information on the auction, like a list of all properties in the auction, property descriptions and images can be located at REDCs web site http://www.Auction.com/ie. To be considered for buy approval, possible homebuyers are advised to bring the following products to the auction: government-issued photo identification such as a drivers license or passport funds for deposit previous two years W-2s or if self-employed the last two years of total tax returns most recent 30 day paystub showing Year-to-Date income most current two months bank statements on all accounts and a recent utility bill in the purchasers name.

Since homebuyers have found it hard competing with investors in todays market place, this auction is exclusively for homebuyers, with Bank of America offering quite eye-catching financing options onsite, in addition to a three % commission for agents who bring their homebuyer clientele to the auction.

There are two auction sessions: The 9:30 a.m. auction session is exclusively for buyers who are pre-authorized for help through the Neighborhood Stabilization Plan, a federally funded system for low- to middle-revenue homebuyers willing to get a vacant house in specifically targeted locations. The second portion, at 1 p.m., is for very first-time homebuyers pre-approved for a mortgage by any lender.

New Vista will hold open homes on July ten, 17 and 18 so interested buyers can tour the residences prior to the July 24 auction. Possible purchasers can also uncover house descriptions at auction.com/ie.

New Vista is also scheduling homebuying seminars for interested bidders to much better prepare them for homeownership and will execute house inspections to make certain the properties are in great situation.

Owner-occupants are the key to revitalizing and strengthening neighborhoods that have been difficult hit by the economy, stated Jim Park, CEO of New Vista. Functioning with Bank of America, REDC and New Vista has developed a one particular day homebuyer occasion that gives very first time and owner occupant purchasers an exclusive opportunity to obtain homes. This distinctive event will aid turn 100 foreclosed properties into residences for several deserving households.

REDC has conducted comparable auctions earlier this year in Arizona, Nevada and California, auctioning a total of 368 properties to individuals and households with a combined obtain price tag of $ 32.7 million.

Bank of America has a complete neighborhood stabilization strategy for communities hardest hit by the foreclosure crisis, ranging from business-leading loan modification efforts and targeted residence retention outreach, to becoming the 1st key servicer to generate an REO sales process specifically for HUD NSP recipients.

Recognizing the Inland Empires unique housing and financial challenges, it is best when we can sell our inventory of true-estate owned properties to families who will live in the homes and contribute to the revitalization of the greater community, mentioned Matt Vernon, national servicing executive, Bank of America.