You can find some great deals trying to buy foreclosed homes from SunTrust Bank, but you must meet certain criteria.
The collapse of the nation’s housing market and the related financial crisis hit certain regions of the country harder than others. One side effect was that certain regionally based financial institutions wound up with a substantial supply of foreclosed properties on their balance sheets. One of those regional banking interests was SunTrust Bank. While there are bargains to be had buying foreclosed properties from SunTrust Bank, car should be take and you must meet certain criteria.
A word about SunTrust
Sun Trust Bank was first established in Atlanta, Georgia in 1891, where it still has its headquarters. In the nearly 125 years since it was founded, the bank has grown to become a leading regional banking service strongly tied to its home base. (It was the principal bank for the Initial Public Offering of another Georgia icon, Coca-Cola.)
Today, SunTrust Banks, Inc. has total assets of more than $175 billion and is ranked as the nation’s 17th largest bank holding and/or financial services company (putting it ahead of companies like American Express, Ally Financial and Charles Schwab.)
SunTrust Bank is the flagship entity for the company. It has nearly 1,500 retail branches and 2,200 ATMs that are located primarily in Florida, Georgia, Maryland, North Carolina, South Carolina, Tennessee, Virginia and the District of Columbia. In addition, SunTrust provides clients with a full selection of technology-based banking channels including online, state-of-the-art customer services centers, and through a growing selection of apps that can be employed using any of the latest mobile devices.
SunTrust Bank foreclosed property criteria
There is an extensive inventory of available REO properties you can purchase through SunTrust Bank. The company has an easy-to-use, online service that allows you to search for properties in your area. (Even though most of the bank’s assets are located in the South and Southeastern sectors of the state, they have properties available in nearly every state, depending on the timing of sales.)
There are some general requirements you should be aware of when you are pursuing foreclosed properties through SunTrust Bank:
- You must be pre-approved or pre-qualified for financing from SunTrust Bank.
- You must buy foreclosed homes through SunTrust's network of listing agents
- Each offer must include a Seller Corporate Addendum (this is something that the listing agent can assist you with.)
- All properties are currently under management by SunTrust Mortgage
Your first step will be to find a property you like. SunTrust maintains an accurate, frequently updated database of REO properties on their website. Each property names a listing agent who has been chosen by SunTrust to represent the home. The listing agent may use other methods to market the house or list it on his/her own website, but the property will still be owned by SunTrust Bank.
This guide provides information on several ways to find foreclosure listings and how to buy these homes. It includes information on buying at foreclosure auctions and how to avoid some of the more common risks of buying foreclosures.
The SunTrust Bank and your listing agent will work to find you the best lending program and rates currently available to you based on a number of factors. Some of the primary considerations will be:
- Your current credit rating/credit score
- Your employment history
- Your current income
- Your assets
- Your debt-to-income ratio
- How much you have available for a down payment
Once you're pre-approved, the listing agent will guide you through the remaining steps in the purchasing process. This can include the procurement and completion of any required documents. It can also include scheduling and having a home inspection completed. You agent will also be able to help assure that the foreclosed property you are considering has a free and clear title. Your agent will be your best resource for answering any questions and helping you complete the purchase as quickly as possible..
Benefits of Buying a Foreclosed or REO Home
Foreclosed homes can often be bought at a discount, as banks are anxious to get these non-working assets off their balance sheets. You may also be able to negotiate for a better price or even better terms when dealing with foreclosed properties.
Depending on the type of loan the previous homeowner had, you may be able to assume that loan, which can also save you money. It is not uncommon for a buyer to be able to pay some or all of the past due or arrears on a foreclosed property and then assume a newly negotiated balance on a previous or original loan. Because many foreclosed homes have lost market value or are priced to sell quickly, you may also be able to pay a low cash price for a foreclosed property and avoid the added cost of interest that comes with financing.
Help from Government Programs
SunTrust Bank participates in several Federal Housing Authority (FHA) loan programs. FHA loans are backed by the U.S. Department of Housing and Urban Development (HUD). If you don't qualify for a traditional mortgage, HUD programs may be able to help you get the financing you will need. HUD offers assistance ranging from down payment support to relaxed qualification and interest standards for home buying.
The Department of Veterans Affairs (VA) also offers similar mortgage loan programs for those who have served in the armed forces. The listing agent on the home you select can help you determine whether you qualify for these and any other SunTrust Bank or government (both state and federal) programs.
To buy foreclosed homes from SunTrust Bank, find one you like and follow its procedures and you may get a great deal. To compare SunTrust foreclosure listings with foreclosed homes for sale from HUD and other major banks, go to this article for links to several lenders' websites.