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Citigroup, one of the biggest financial services companies in the world, is a vast financial services holding company whose businesses provide a wide range of financial services to consumer and corporate customers. Based in New York, Citigroup is organized into four major business segments: Consumer banking, global consumer credit cards, institutional clients and wealth management. It was founded in 1812, with $2 million in capital, in New York City as the City Bank of New York, which later changed its name to Citibank. As it grew, Citibank became a leading innovator in financial services, becoming the first major bank to offer customers compound interest on savings accounts in 1921. Some other financial services Citi pioneered include unsecured personal loans, which it rolled out in 1928; customer checking accounts, which it introduced in 1936; and the certificate of deposit, which was introduced in 1961.
In 1998, the company engineered a landmark $140 billion merger between Citicorp and the insurance company Travelers Group, creating the preeminent global financial conglomerate that is known today as Citigroup. The Citigroup-Travelers merger created a titanic company that employs 374,000 people in more than 100 countries. It is the world’s biggest bank by revenues. The company is a global financial powerhouse that is an agglomeration of investment and commercial banking, insurance, fund management, credit cards and investment baking. Major brand names under the trademark red Citi umbrella include Citibank, CitiFinancial, Primerica, Salomon Smith Barney, Banamex and Travelers.
Today, Citibank is one of the units of Citigroup’s family of companies involved in consumer home loans. Citibank, one of the nation’s largest providers of home loans and credit cards, is struggling to steer the titanic company through the most turbulent financial crisis in the company’s history. One area of particular concern is the growing number of Citibank REO properties, or real estate owned, meaning bank-owned properties.
In 2008, Wall Street was reshaped after the collapse of Lehman Brothers. The downfall of Lehman touched off a wave of shotgun mergers among the nation’s commercial banks. Banks like Citigroup are scouring the financial landscape for weak targets that they believe can give them a competitive edge when the dust from the financial crisis clears. The largest U.S. bank, which is trying to sell thousands of foreclosed homes nationwide, announced in 2008 that it was overhauling its residential lending and equity line of credit businesses.
For investors looking for Citi Mortgage Properties for sale, visit Citi Mortgage’s website or search for Citibank-owned foreclosure properties at RealtyTrac. Citibank REO properties can also be found at RealtyTrac.com. Citibank REO searches are easy to do on RealtyTrac.com. Investors can find thousands of Citi REO properties. The Citibank REO department has thousands bank-owned repos for sale.
REO investors can purchase a wide variety of bank owned foreclosures from Citibank. REO seekers on RealtyTrac can choose Bank Owned under Property Type on the search page, and then simply select a state and a county and click the search button — and a list of bank-owned properties appears — including Citibank REO assets. Buying a Citibank repo is similar to a traditional real estate transaction. Offers are submitted to the listing agent. Citibank reviews the offers from the listing agent and either accepts the offer, submits a counteroffer or rejects the offer in writing. The listing agent will inform buyer’s agent as to the status of the offer. Generally, Citibank repos are priced in accordance with the local market, but remember that banks tend to be more motivated than traditional sellers — especially if they are saddled with a large REO inventory. Buyers should speak with the listing agent to understand the terms of the listing. Generally, all bank-owned repos are sold “as-is,” meaning the buyer is responsible to inspect the property and factor in any and all repairs.