You can buy foreclosed homes from Citibank/CitiMortgage, often for prices below market value.
While the national news about foreclosed properties has not been as dire in recent months, there are still (literally) thousands of foreclosed properties weighing down the asset and investment portfolios of the nation’s banks. If you want to purchase a new home for yourself and your family, or if you want to get into the market of owning investment property, there are plenty of great deals to pursue buying foreclosed homes from Citibank/CitiMortgage.
A word about Citibank/CitiMortgage
Originally founded as the City Bank of New York in 1812, today, Citigroup is the third largest banking and financial services company ion the county. Consumers and potential homebuyers will be a little more familiar with Citibank and CitiMortgage (subsidiaries of Citigroup.)
Citibank/CitiMortgage foreclosures are (like nearly all other bank-owned foreclose properties) referred to as real-estate-owned (REO) properties. The majority of these properties are Citibank foreclosed homes that did not sell at a foreclosure auction. Some are also properties Citibank chose not to auction off (for a variety of reasons). The company is trying to sell these foreclosed homes as quickly as possible to recoup the losses that have accumulated on the original mortgage.
A few details about Citibank/CitiMortgage foreclosed properties
Citibank’s inventory of REO properties is listed by state, county and price and can readily be found at a site that is routinely updated. CitiMortgage maintains its REO properties through an asset management department that tries to find buyers. Asset management companies work with real estate brokers and listing agents to sell the properties.
When you find a CitiMortgage REO of interest online, the "more details" button on the foreclosure listing will provide the name and contact information of the listing agent representing the home. To be eligible to represent these homes, real estate agents must take classes and submit a broker application to CitiMortgage. All offers must be submitted through the listing agent provided with the home details. This agent may also be able to find other Citibank foreclosures that fit your needs.
You may also see a property in your area that interests you. You can plug that property address into the Citibank site and you may be able to gather information regarding the property’s status. In some cases, the property may not pup up on the site. This could be for any number of reasons. For example, the property may not be available for sale at the time you enter its information into the site because it is (technically) occupied, in redemption, or undergoing repairs.
Pre-approval generally required
Unlike a traditional foreclosure, when you want to buy foreclosed homes with Citibank/CitiMortgage group, you need to locate an agent who can show you the properties. Reply! can help locate an agent in your area to answer questions about Citibank foreclosures.
If you make an offer that is subject to financing, as the seller, CitiMortgage requires that you complete a pre-approval loan application with Nationstar Mortgage. Getting pre-approved is also recommended because then you'll know how much money you can spend on a home, which will help you sort through foreclosure listings. All offers need to be submitted to the listing agent. If you have your own real estate agent, s/he should submit all offers through the listing agent. The listing agent will then submit all offers to Citibank/CitiMortgage for review.
To compare CitiMortgage foreclosures with listings from other banks and government agencies, consult this guide. It has a list of website links to banks, the U.S. Department of Housing and Urban Development and other entities. You may also get our guide on buying HUD homes here.