Citibank foreclosure listings are managed by the bank through their mortgage arm
, CitiMortgage and released to the market through listing agents. Like other real estate owned or bank foreclosures, Citibank homes have a much lower price. Some of their homes are offered at almost 50 percent less than their original value. This provides great opportunities for real estate companies and private buyers to save on the homes they buy.
When purchasing a home from Ctitibank foreclosure listings it is important to let the bank know you are serious in your intention to buy. Banks are hard pressed to sell off their real estate owned properties and they are wary of time wasters. The best way to convey your intention to purchase a home is to present a pre-approval letter along with documents supporting your ability to pay. This may include income tax returns, bank savings account and your social security identification. The bank will require this anyway when they screen your application.
Making an Offer
You have to ensure that you are making a competitive offer for a specific property from Citibank foreclosure listings. In order to accomplish this you can ask your agent to prepare a comparative market analysis. This is a report comparing the value of homes of the same type and in the same location. When using the report to assess the value of the home you are eyeing, make sure to consider the needed repairs and closing costs. The computation you come up with is the offer you will present to the bank. You can negotiate for a lower contract price by seeking discounts after citing the costs you have to bear over and above the actual price of the home. The bank on their end may offer some added value to the package like a pest certification and a title insurance. They will also take care of the eviction of previous occupiers.
Indeed the homes being offered in Citibank foreclosure listings can be a wise way of investing your hard earned money of you are able to make a competitive offer while controlling the costs of repairs and renovation.