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Buying an REO home from CitiMortgage is actually not as difficult as it is generally considered to be.  REO homes are those that have been though the foreclosure process, but couldn’t sell for a price bank agrees with. All the CitiMortgage “Real Estate Owned” or REO properties nationwide, listed with various real estate listing agents can be accessed through their website. CitiMortgage REO Listings can be the real estate investors’ gateway to lucrative deals on residential homes.

CitiMortgage Foreclosures Vs. CitMortgage REO Listings

The following are some of the advantages of buying a CitiMortgage REO property than buying a property at foreclosure auction. REO price can be much lower than the reserve price at an auction. The loan amount outstanding, along with expenses for foreclosure and defaulted mortgage payments are added up to set the reserve price.  A REO property can be visited and assessed. Foreclosure homes are usually inaccessible for visitation before buying. Even after the purchase the home needs to be vacant to do so. Otherwise, the lengthy foreclosure eviction process has to happen before getting the opportunity. A significant down payment (10%) needs to be presented after making a winning bid at an auction. The time given to close on the loan is also quite limited. With REO many funding options open up. Hard money and traditional sources of financing can be used, depending on the condition and upkeep of the home. Due to the burden of carrying costs, CitiMortgage may be willing to consider a lower offer than their listing price. The key is to do research on all the CitiMortgage REO listings in your locality.  It is also advisable to have good contacts and working relationships with approved real estate listing agents serving your area.

When it comes to REO homes, it is hard to determine the duration for which they are going to be listed. Lots of real estate investors have been focusing their attention to buying REO home exclusively. Some of the homes that were part of CitiMortgage REO listings have entered under-contract in as little as a day. After finding a right reo property, time is of significant essence. In order to act in a timely and efficient manner, understanding the procedures, documents and guidelines followed by CitiMortgage REO department is necessary.

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