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SunTrust Bank Owned REO Properties

SunTrust REO properties are a good place to find discounted residential real estate deals. The REO property listings that form the inventory of SunTrust Mortgage are handled through RES.Net.

Borrowers who default on their mortgage payments owed to SunTrust bank will have to face foreclosure proceedings when other alternatives such as payment work-out or loan modification are extinguished. Such properties which are mostly made of single-family residential homes are auctioned off at the county sale. In the event of not receiving a bid or a bid insufficient to meet the reserve set by SunTrust Mortgage, the foreclosed homes become part of the bank’s reo home inventory.

Most of the major banks that deal with REO homes have their own internal REO departments to handle all issues pertaining to them. SunTrust Mortgage REO properties which are available for purchase are handled through res.net’s online reo platform. SunTrust’s entire bank owned reo homes for sale are listed on the Multiple Listing Service (MLS) by local agents who are part of their preferred network.

In order to buy a SunTrust REO, the first step is to approach the reo listing agent based on the contact info found on every listing. The data on the listings may change rapidly, so an investor or home buyer needs to check the listing data frequently to stay up-to-date.

Any purchase offered made to SunTrust must be accompanied by the Seller Corporate Addendum. This document shall be provided by the listing agent assigned to handle the REO property owned by SunTrust. Purchases who seek to obtain financing must also get pre-qualified by SunTrust Mortgage. The above listed REO steps are common among the major REO management divisions at major banks.

REO listing agents who wish to handle default management and asset management services must sign-up through the RES.net reo site. SunTrust REO department is currently not accepting any unsolicited reo agent and broker application packages.

SunTrust Bank, based in Atlanta, is one of the biggest financial services holding companies in US. At the end of 2010, they had assets totalling $173 billion. In addition the banking operations, the holding company has several other subsidiaries that provide services for mortgage banking, brokerage services, investment management and banking services. The primary operations of the bank are mainly concentrated in the south-eastern states. SunTrust bank has about 1,700 branches in Florida, Georgia, Maryland, North Carolina, South Carolina, Tennessee, Virginia and Washington DC.