CitiMortgage REO refers to Real Estate Owned that are bank-owned properties failed to sell at the foreclosure auction. The bank gets the right to foreclose on a property it has financed in event of payment delinquency by the owner of the house. Such foreclosed properties are first tried to sell at an auction to the buyer who bids the highest. However, sometimes the bank does not find a suitable buyer and the property becomes a part of the inventory managed by the asset management department of bank.

The prime objective of having a dedicated asset management dept is to build an infrastructure for the upkeep of the properties that the bank has under its possession and try to sell these off in the open market as soon as possible. The bank wants to sell these abandoned homes quickly in order to recover its cost and so it invites application from eligible real estate agents and brokers to use their expertise in achieving the objective.

Though the process to become a CitiMortgage REO agent is simple, but not every body can apply because there are some strict broker application criteria being followed at the bank. These may include having a valid license and fulfilling the W-9, MLS, Coverage Area Map, Errors & Omissions Insurance and other guidelines. Vendors willing to participate in Citibank REO programs should also fulfill the criteria laid out for them.

Citibank REO Properties

Citibank REO Properties are listed on the website of the bank. However, the bank does not indulge in direct selling of these. Each entry in the listing bears the contact details of the real estate agent who is responsible for negotiating a viable deal with the interested buyer. You can visit the CitiMortgage website to view these properties but to initiate a sale process you need to contact the assigned agent. It is often a better idea to have your own realtor to make an offer and clinch the deal. Your chances to own a property put on sale by Citibank becomes brighter when you appoint a buyer agent to protect your interest in the deal.

CitiMortgage REO Department

CitiMortgage REO Department, which is also sometimes referred to as CitiMortgage REO Asset Management Department, is the authority that handles all issues pertaining to the online listing of foreclosed homes and their sale to the end consumers. Though its role is rather passive during the negotiation of a deal between the designated broker and buyer, it may be contacted in case you have any difficulty or need more information.

Having said this, it is pertinent to inform you that there is no direct access to this department. Nevertheless, you can try CitiMortgage customer service phone number to get the required information and also the way to reach CitiMortgage REO Department. Here is the phone number.

Phone Number: 1-800-283-7918