There are several tips for successfully purchasing a Citimortgage REO property.

There are plenty of opportunities to buy foreclosed properties thanks to the declining housing market and struggling economy. If you have some money and are interested in buying a reo Citimortgage property, then there are a few facts you need to be aware of before making any offers. If you find an REO you like, you should check out the history of the property. Asking your buyer’s agent to get the purchase price from the bank on the trustee’s or bailiff’s deed. It must be written somewhere in the document. You can get the deed from the title company or tax records. Compare that price with the one the bank is asking you for. If you look at the original loan balance and the asking foreclosure sale price, a good price offer will fall between those inmate prices. That will be true if the house is priced low.

Doing an investigation of the area in which the property is located is another important point to keep in mind. Look at the last three months of comparable sales for the neighborhood to determine the value of the Citimortgage inmate. Compare only homes that are similar to the property you are interested in. For example, are the square footage, number of bedrooms, bathrooms, condition, 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 buy a reo Citimortgage is to look at the listing agent’s REO sales history for the past few months. Doing this will prepare you for how much you will have to offer above the list price to have a chance of winning the offer on the property. If he or she traditionally accepts 4% off the list price, then you may want to offer a little more than that. Also, if you are the only one interested in the property, chances are you can offer less than the list price. Remember, they want to get you off their books, so they won’t be as picky if someone is biting.

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

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