If you want to buy a home for a bargain, consider buying a real-estate-owned home from Citibank/Citimortgage. These foreclosed homes may be listed lower than market value.
If you want to buy a home for a bargain, consider buying a real-estate-owned (REO) home. You can buy real estate-owned homes from Citibank/Citimortgage, other mortgage lenders and government agencies that insured mortgages. All of these sources have homes priced below market value.
First, you want to get approved for financing. You may want to request a copy of your credit report from the three credit bureaus. If there are errors or discrepancies on your report, you want to fix those or have them removed before applying for a mortgage. A lower credit score will bring a higher interest rate on your mortgage.
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When you apply for a home loan, the lender looks at your income and debt-to-income ratio as well as your credit history. A potential lender will review your pay stubs to verify employment, bank account records, tax returns and a list of your assets and debts. Once you have this information in hand, you can start the loan application process. To buy a real estate-owned-home from Citibank/Citimortgage, as with any REO transaction, you will need proof that you can attain financing. This will be required if you want to make an offer on other foreclosed homes as well. To learn several wayst to find foreclosure listings and how to buy them, check out this article.
Your pre-approval letter will probably be needed once you find a home of interest and want to submit an offer. This document states that a lender is willing to offer you a mortgage and often has a maximum amount attached. When you are buying an REO, sellers are interested in only the most motivated buyers.
Now you are ready to search Citibank REO homes. To buy a real estate-owned-home from Citibank/Citimortgage, you can log onto the company's website and use the search function to choose a home. The search allows you to narrow your results by location, price range or property type. Once you have search results, you can view the homes to narrow your choices. Each home will have an agent who represents it. If a homes piques your interest, contact the agent through the link on the results page. If you want to look at REO home listings from other major bank and government agencies, read this article. It has a list of website links to foreclosed properties.
Once you have decided to buy a real estate-owned home from Citibank/Citimortgage, your real estate agent will help you negotiate the best price and make an offer. He or she will recommend you have the home professionally inspected to disclose any damages or needed repairs before you make an offer. The inspection report supports offers lower than the listing price because you can show the cost of needed repairs that therefore warrant a price reduction.