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The foreclosed properties that have become part of CitiMortgage assets are handled by CitiMortgage REO department. Back when foreclosures were few in number, real estate investors used to scoop up all the properties offered at an auction. It was indeed quite rare for a property remain unsold. However, the unprecedented decline in real estate values and loan defaults, all of the lenders nationwide are handling millions of foreclosure filings every year. A good portion of these properties that reach the foreclosure auction are remaining unsold. Such unsold properties are commonly termed as REO. To receive CitiMortgage REO listings or negotiate a contract, the main point of contact is CitiMortgage REO asset management department.

CitiMortgage REO division handles all the aspects pertaining to the REO process. The hire the cleanup companies to maintain and clean up the foreclosed property. They assign the property to one of their approved listing agents to handle the listing and sale. The primary goal of all asset management division is to minimize losses and maximize the sale price. But the carrying costs are a big concern for them especially in areas where the local taxes and insurance are high. This paradox faced by CitiMortgage REO asset managers allows a savvy and knowledgeable real estate investor to negotiate a successful reo deal for himself.

Most REO departments of national banks do not make it easy to work with them. Getting in touch with them can be a frustrating process. Most of them don’t even have a direct telephone number for contact.  It takes persistence to dig up the relevant information needed.  If no information is forthcoming based on web search, try calling the bank’s general customer service and ask to be transferred to the REO department. If the property is already in the REO loop, then CitiMortgage REO department usually utilizes the services of a third party REO listing agent to sell the property. So, contacting them will help you get more info.

Any real estate agent looking to become qualified to list Citi REO properties, either direct or through an asset management company has to complete certain courses. These CitiMortgage REO classes mainly deal with Citi’s policies and procedures and Advanced Valuations. These courses cost about $700. Anyone looking to become qualified is anyways better served by familiarizing themselves with the client’s procedures, guidelines and expectations.

To become a CitiMortgage REO Department approved listing agent  the following items needed to submitted:

1. Complete the CitiFinancial / CitiMortgage REO Broker Application
2. Complete a W-9
3. Current Licenses for Broker and Listing agents assigned to handle Citi REOs.
4. Proof of MLS
5. Coverage Area Map (list out counties and zip codes)
6. Proof of Errors & Omissions Insurance, minimum $250,000.00 in coverage.
7. Proof that the courses:Citi’s policies and procedures and Advanced Valuations, have been completed.

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