Countrywide Selling REO Property To Minority and First Time Buyers

Countrywide Financial has joined into a partnership with New Vista Asset Management to sell their foreclosed upon properties. What is different that most property sales by bank owned real estate is that Countrywide is not just dumping the properties. Instead they are trying to sell them to minorities and first time buyers as part of an outreach plan.

Now I am not expecting them to lose money on the deal, but it is a noble effort especially as it will be combined with educating these buyers so they may be more successful than the homes previous owners.

In light of Bank of America’s purchase of Countrywide it is especially intriguing to watch. I would instead be expecting Countrywide to dump the properties on the market to get them off the books before the sale is completed. Instead they are attemting to do the right thing. Congratulations to the staff at Countrywide.

The two companies will work to ensure that homes are made available to qualified first-time and minority homebuyers. The companies will be hosting several community seminars for first-time buyers to teach them about buying real-estate owned homes and different financing options.

The seminars initially will be held in Los Angeles and Dallas. However, the companies are also working in the San Diego, Sacramento, Las Vegas, Fort Worth, Houston, San Antonio and Atlanta markets.

“By marketing and selling REO units directly to first-time and minority home buyers, New Vista and Countrywide are advancing our mutual commitment to increase affordable housing opportunities and act as responsible contributors to the local housing market,” New Vista’s Chairman Gary Acosta says. via  San Antonio Business Journal

If you are interested in making money off of the foreclosures that are occuring and that programs like these are probably only going to make worse, get a free trial and see all of the