There are several tips to successfully buying an REO property from Citimortgage

There are many opportunities to buy foreclosed properties thanks to the declining housing market and the turbulent economy. If you have some money and are interested in purchasing a Citimortgage reo property, there are some facts you should know before making any offers. If you find an REO you like, you should check the property’s history. Asking your buyer’s agent to obtain the purchase price from the bank on the deed from the trustee or sheriff. It must be written somewhere in the document. You can get the company’s title deed or tax lists. Compare that price with the one requested by the bank. If you look at the original loan balance and the foreclosure sale price being requested, a good price offer will fall between those real prices. That will be true in the event that the house is below the price.

Investigating the area in which the property is located is another important point to consider. Look at the last three months of comparable sales for the neighborhood to determine the value of Citimortgage reo. Compare only the houses that are similar to the property you are interested in. For example, are the square footage, number of bedrooms, bathrooms, conditions, and amenities comparable between neighboring properties? Also find out if there are any pending sales in the area. This will be a good way to judge the sale value of the property.

Another good tip when planning to purchase an inmate Citimortgage is to analyze the REO sales history of the publicly traded agent for the past few months. Doing this will set you up for how much you are likely to have to bid above the list price to have a chance of winning the property bid. If you traditionally accept 4% off the list price, you may want to offer a little more than that. Also, if you are the only one interested in the property, you will most likely be able to offer less than the list price. Remember, they want to get you out of their books, so they won’t be so picky if someone bites them.

Finally, if you have a letter stating that you are pre-approved for a specific amount of money for the property from the lender who owns the property, you make a credible offer and the inmate Citimortgage agent will know that they will be able to support increasing your offer to buy the property.