Is it good to buy a REO home?
Is it good to buy a REO home?
The Bottom Line. REO properties can be a great option for home buyers with a lower budget and a willingness to make a few repairs. It’s important for any interested buyer to do their research and consult with experts before purchasing a property. You need to ensure that you’re making the best decision for your needs.
Can you offer less on a bank-owned home?
If there are no offers on the REO home, you can probably offer less than list price and get your offer accepted. However, if there are more than two offers, you will most likely need to offer above the asking price.
What is a Citibank REO property?
One area of particular concern is the growing number of Citibank REO properties, or real estate owned, meaning bank-owned properties. In 2008, Wall Street was reshaped after the collapse of Lehman Brothers.
Is buying a Citi owned property worth it?
Buying a Citi owned property is a great way to get more for your money. Foreclosed or REO (Real Estate Owned) properties are typically priced below their actual market value and offer great incentive for homebuyers. Start your home search today by selecting a State.
What is an REO in real estate?
REO is an acronym for Real Estate Owned and is industry jargon for foreclosure property repossessed by banks or lenders. If a lender or bank is the highest bidder at a foreclosure auction — or if no third party bids at the auction — the property reverts back to the lender […]
Is Citibank trying to sell foreclosure properties?
The largest U.S. bank, which is trying to sell thousands of foreclosed homes nationwide, announced in 2008 that it was overhauling its residential lending and equity line of credit businesses. For investors looking for Citi Mortgage Properties for sale, visit Citi Mortgage’s website or search for Citibank-owned foreclosure properties at RealtyTrac.
