Buying a SunTrust REO home

SunTrust Bank is one of the largest financial institutions in America. The bank’s headquarters is located in Atlanta, Georgia, and has a large asset base of about $175 billion. Through its 1,600 retail branch network, 2,900 ATMs and online platform, it offers a wide range of financial services to individuals, businesses and corporate clients in a number of states in the southeastern United States. It is also an active lender for residential and commercial real estate .

SunTrust REO listings contain all the properties repossessed by the bank after foreclosure proceedings. When a borrower fails to make their payment obligations or meet the terms and conditions setforth in their mortgage contract, the lender or deedholder may initiate foreclosure process. All the bank owned foreclosure properties are commonly referred as REO (Real Estate Owned).

The complete list of Suntrust Mortgage, Inc. REO properties can be accessed through http://suntrust.res.net. Most of the residential homes that comprise the bank’s inventory of repossessed listings are listed through approved real estate listing agents. Interested home buyers and property investors can also locate these properties through the MLS (Multiple Listing Service).

SunTrust Bank REO Property Listings

The first and important step in buying an REO home is locating the right property that fits your needs. All the SunTrust owned foreclosed properties can be conveniently accessed through their listing site. Each listing will contain the contact information of the listing agent managing the selling process on behalf of SunTrust.

The listings are frequently updated and added, depending on the volume of REO homes accruing to the bank’s inventory. A seller corporate addendum must accompany all offers. This mandatory document can be obtained through the listing agent. Additionally, it is necessary to get pre-qualified for financing through the mortgage loan programs offered by SunTrust. The employees of SunTrust have to follow the company’s norms laid out in their REO purchase policy. Interested employees can access this info through the company’s intranet.

If you are actively looking to buy a residential single-family or multi-family home in the states where SunTrust actively lends, consider check their REO listings. These repossessed properties are fairly priced with great deals for those willing to put in the time and effort to locate them. Currently, you can find SunTrust REO homes in Gerogia, Tennessee, Virginia, South Carolina, North Carolina, Maryland, Virginia, Florida and Alabama.

In addition to the contact information of the agent, each individual REO listing by SunTrust contains information related to the current status, condition and dimensions. Most property listings will contain information related to the property type, bedrooms, bathrooms, square feet, garages and basement, along with latest property photos.

Commercial REO properties repossessed by SunTrust can also be found most of the states in which they lend. Similar to residential propeties, all pertinent information can be directly accesses through their REO listings site. A wide variety of commercial properties such as apartment buildings, offices, storage buildings, industrial parks, retail establishments, land and mixed-used properties can be found there.

How to list Suntrust REO properties?

A listing agent plays a critical role in the disposal of bank owned REO homes. Any agent interested in being a listing agent for SunTrust REO homes should get approved by applying through the RES.net portal. Currently, SunTrust is no longer enrolling new listing agents through other channels. An approved REO agent can expect to receive regular work assosciated with BPOs (Broker Price Opinions) and other listing related assignments in the area of their operations.

SunTrust REO Asset Management Division

The residential and commercial properties owned by SunTrust Mortgage after foreclosure are managed by its REO division. The primary aim of this division is to properly market them inorder to sell them at the best possible price. As the repossessed properties incur a number of expenses while being held in the bank’s REO inventory, it is in their financial interest to sell them off as quickly as possible.

New homebuyers can access all the REO properties owned by SunTrust online. The relevant information related to listed homes along with the contact details of the agent handling the sale on behalf of SunTrust REO division can also be found there. Most of the listings are handled by brokers and agents already signed up with them.

In addition to internal REO divison, SunTrust, like other major banks with excess REO home inventory, may also employ the services of asset management companies that specialize in the maintenance and marketing of repossessed bank owned properties. A real estate agent looking to list an REO property in a particular area in which SunTrust has foreclosed homes, should signup ahead of time to do so.

A complete broker application package must be submitted for REO department’s approval. A typical REO agent sign-up package requires the following documents:

– Duly signed W-9 form
– A copy of valid real estate license
– Areas (Zipcodes) of interest
– A copy of an active E&O insurance acknowledgment

All these documents can be scanned and sent through email to: REO.Realtor@SunTrust.com.

The approval process can also be done through the RES.net reo platform that SunTrust bank uses to manage its REO processes and sales. Any further questions should be directed to the REO division. If a proper response is not forthcoming, agents and homebuyers can contact the bank’s customer service by calling their toll free number (1-800-634-7928).

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