Suntrust home foreclosures are the result of home owners defaulting on their Suntrust home mortgages. After successively failing to meet their monthly mortgage obligations, home owners receive a notice of foreclosure and eventually give up their homes if they fail to pay. Suntrust then offers these foreclosed properties to the market through a bank auction. If any property offered through auction fails to sell they become real estate owned or REO properties and are sold as such.
Why You Would Want to Buy Bank Foreclosures from Suntrust
REO homes such as Suntrust home foreclosures are sold at discounts of up to 40 or 50 percent lower than their actual market value. They are ideal for first time home buyers who are on a budget as well as real estate firms wanting to boost their property portfolio. These foreclosures follow the rules of all other REO sale where buyers can transact with the bank-appointed real estate broker or agent.
Apart from Suntrust's respectable reputation in the banking industry, a large share of the bank's operations are in selling bank foreclosures since they also have a robust mortgage business that provides housing loans to home buyers. The bank is likewise involved in projects that help increase home ownership such as special terms in their mortgage packages.
Anyone planning to own Suntrust home foreclosures should be able to put up a mortgage financing or be pre-approved for a home loan. It is best to ensure that buyers maintain a good credit score and have a steady source of income to be able to be pre-qualified for a home loan. Your bank or any other financial institution offering home financing can certify you for a loan. This certification will indicate just how much you can borrow and at what terms. This will give you an idea of the type of property you can purchase.
Listing of Suntrust home foreclosures can be found on the bank's web site and in all other online foreclosure listings. Each listing will come with relevant details on the property particularly the agent or broker selling it. When you make your offer for a foreclosed property the bank will either accept it or present a counter-offer. This is to show stockholders that efforts are being exerted to get the highest price for a bank foreclosure.