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Citi’s offerings and lending guidelines may differ.","content:disclosures:global-floating-disclosure.json","Global Floating Disclosure","disclosures/global-floating-disclosure.json",{"title":91,"subtext":7,"portraitImage":92,"imageAlt":93,"imageWidth":94,"background":95,"borderRadius":96,"maxWidth":97,"paddingTopBottom":98,"paddingLeftRight":98,"gap":98,"variant":99},"Citi is #1 in Customer Satisfaction with Mortgage Origination - ***[J.D. Power 2025 Award](https://www.jdpower.com/business/awards)***","/media/jdpower-trophy.png","J.D. Power 2025 Trophy",48,"var(--brand-default)",0,650,16,"default",{"data":101,"body":103,"excerpt":-1,"toc":142},{"title":7,"description":102},"Key insights:",{"type":104,"children":105},"root",[106,117,137],{"type":107,"tag":108,"props":109,"children":110},"element","p",{},[111],{"type":107,"tag":112,"props":113,"children":114},"strong",{},[115],{"type":116,"value":102},"text",{"type":107,"tag":118,"props":119,"children":120},"ul",{},[121,127,132],{"type":107,"tag":122,"props":123,"children":124},"li",{},[125],{"type":116,"value":126},"Foreclosed homes can offer potential savings and equity opportunities, but they come with added risks and complexities compared to traditional home purchases  ",{"type":107,"tag":122,"props":128,"children":129},{},[130],{"type":116,"value":131},"Most buyers encounter foreclosures as bank-owned (Real Estate Owned/REO) properties, which allow for inspections and financing but are typically sold as-is",{"type":107,"tag":122,"props":133,"children":134},{},[135],{"type":116,"value":136},"Careful inspection, realistic budgeting and early financing preparation can help you decide whether a foreclosed home fits your goals and risk tolerance",{"type":107,"tag":108,"props":138,"children":139},{},[140],{"type":116,"value":141},"There’s a lot about buying a foreclosed home that might seem appealing, like low prices, a blank slate to customize, or even built-in equity in some cases. But before you draw up renovation plans, it’s a good idea to know what you’re getting into with a foreclosure. You’ll likely face some complexities that you wouldn’t with a traditional home purchase. Let’s walk you through what foreclosure means, how the buying process works, the pros and cons of buying these homes and smart strategies to help you decide if one might be right for you.",{"title":7,"searchDepth":143,"depth":143,"links":144},2,[],{"data":146,"body":148,"excerpt":-1,"toc":217},{"title":7,"description":147},"A foreclosed home is a property that a homeowner has lost to foreclosure, meaning the original owner could not keep up with mortgage payments, and the lender took back the property to recover what was owed.",{"type":104,"children":149},[150,161,166,212],{"type":107,"tag":108,"props":151,"children":152},{},[153,154],{"type":116,"value":147},{"type":107,"tag":155,"props":156,"children":160},"a",{"href":157,"rel":158},"https://www.chase.com/personal/mortgage/education/buying-a-home/buying-home-in-foreclosure?utm_source=chatgpt.com",[159],"nofollow",[],{"type":107,"tag":108,"props":162,"children":163},{},[164],{"type":116,"value":165},"Here’s how foreclosure unfolds:",{"type":107,"tag":118,"props":167,"children":168},{},[169,179,197],{"type":107,"tag":122,"props":170,"children":171},{},[172,177],{"type":107,"tag":112,"props":173,"children":174},{},[175],{"type":116,"value":176},"Pre-foreclosure:",{"type":116,"value":178}," This is the initial stage after a homeowner misses payments and the lender issues a notice of default. In some markets, properties in this stage can be purchased directly from the homeowner (sometimes called a short sale) before the lender officially takes possession.  ",{"type":107,"tag":122,"props":180,"children":181},{},[182,187,189,195],{"type":107,"tag":112,"props":183,"children":184},{},[185],{"type":116,"value":186},"Auction:",{"type":116,"value":188}," If the loan remains unpaid, the property may be sold at a public foreclosure auction. Buyers bid, often in cash and “as-is” (more on this shortly), and the highest bidder takes ownership, usually with limited ",{"type":107,"tag":155,"props":190,"children":192},{"href":191},"/home-buying/articles/what-is-a-home-inspection/",[193],{"type":116,"value":194},"inspection",{"type":116,"value":196}," rights and no guarantees.",{"type":107,"tag":122,"props":198,"children":199},{},[200,205,207],{"type":107,"tag":112,"props":201,"children":202},{},[203],{"type":116,"value":204},"Bank-owned (REO) properties:",{"type":116,"value":206}," If a home doesn’t sell at auction, the lender, typically a bank, takes title and lists it for sale through real estate agents. These REO homes are what most everyday buyers encounter when searching foreclosure listings.",{"type":107,"tag":155,"props":208,"children":211},{"href":209,"rel":210},"https://www.rocketmortgage.com/learn/buying-a-foreclosed-home-pros-cons-and-how-to-purchase?utm_source=chatgpt.com",[159],[],{"type":107,"tag":108,"props":213,"children":214},{},[215],{"type":116,"value":216},"Many buyers end up purchasing at the REO stage through a real estate agent, when there’s more opportunity to inspect the home and secure traditional financing.",{"title":7,"searchDepth":143,"depth":143,"links":218},[],{"data":220,"body":222,"excerpt":-1,"toc":261},{"title":7,"description":221},"Buying a foreclosed property can be a smart move, especially if you’re prepared and patient. Here are some key advantages:  ",{"type":104,"children":223},[224,228],{"type":107,"tag":108,"props":225,"children":226},{},[227],{"type":116,"value":221},{"type":107,"tag":118,"props":229,"children":230},{},[231,241,251],{"type":107,"tag":122,"props":232,"children":233},{},[234,239],{"type":107,"tag":112,"props":235,"children":236},{},[237],{"type":116,"value":238},"Potentially lower purchase price:",{"type":116,"value":240}," Foreclosed homes often list below the market value of comparable homes because lenders are motivated to sell quickly  ",{"type":107,"tag":122,"props":242,"children":243},{},[244,249],{"type":107,"tag":112,"props":245,"children":246},{},[247],{"type":116,"value":248},"Less competition in certain markets:",{"type":116,"value":250}," While investors often chase deep discounts at auctions, some REO listings see less competition from traditional buyers  ",{"type":107,"tag":122,"props":252,"children":253},{},[254,259],{"type":107,"tag":112,"props":255,"children":256},{},[257],{"type":116,"value":258},"Opportunity to build equity:",{"type":116,"value":260}," With some sweat equity, you can increase a home’s value significantly, a strong draw for investors and handy homeowners alike",{"title":7,"searchDepth":143,"depth":143,"links":262},[],{"data":264,"body":266,"excerpt":-1,"toc":305},{"title":7,"description":265},"Before falling in love based solely on the price tag, it’s important to better understand what you’re getting into. Here are some of the difficulties that can arise in the process of buying foreclosed homes:",{"type":104,"children":267},[268,272],{"type":107,"tag":108,"props":269,"children":270},{},[271],{"type":116,"value":265},{"type":107,"tag":118,"props":273,"children":274},{},[275,285,295],{"type":107,"tag":122,"props":276,"children":277},{},[278,283],{"type":107,"tag":112,"props":279,"children":280},{},[281],{"type":116,"value":282},"Homes are typically sold “as-is”:",{"type":116,"value":284}," Unlike traditional sales, lenders generally don’t negotiate repairs. If there are plumbing leaks, roofing issues, or structural damage, that’s on the buyer to remediate.  ",{"type":107,"tag":122,"props":286,"children":287},{},[288,293],{"type":107,"tag":112,"props":289,"children":290},{},[291],{"type":116,"value":292},"Condition can be unknown or worse than expected:",{"type":116,"value":294}," Vacant homes are often neglected. Utilities may be shut off, and damage from freeze-thaw cycles, pests or vandalism can go unaddressed.  ",{"type":107,"tag":122,"props":296,"children":297},{},[298,303],{"type":107,"tag":112,"props":299,"children":300},{},[301],{"type":116,"value":302},"Title complications and liens:",{"type":116,"value":304}," Foreclosed properties can carry outstanding taxes, liens or unresolved claims that involve extra legal and financial work.",{"title":7,"searchDepth":143,"depth":143,"links":306},[],{"data":308,"body":310,"excerpt":-1,"toc":362},{"title":7,"description":309},"Buying at a foreclosure auction can be fast and potentially very cheap, but it’s not for everyone. Here’s what to keep in mind as you think about whether to buy a foreclosed property at auction:",{"type":104,"children":311},[312,316,357],{"type":107,"tag":108,"props":313,"children":314},{},[315],{"type":116,"value":309},{"type":107,"tag":118,"props":317,"children":318},{},[319,329,347],{"type":107,"tag":122,"props":320,"children":321},{},[322,327],{"type":107,"tag":112,"props":323,"children":324},{},[325],{"type":116,"value":326},"Cash is most often required:",{"type":116,"value":328}," Many auctions demand certified funds or cash at closing, making traditional mortgage financing difficult (though not usually impossible, as we'll see shortly) ",{"type":107,"tag":122,"props":330,"children":331},{},[332,337,339,345],{"type":107,"tag":112,"props":333,"children":334},{},[335],{"type":116,"value":336},"Limited inspections:",{"type":116,"value":338}," You may not have the chance to do a ",{"type":107,"tag":155,"props":340,"children":342},{"href":341},"/home-buying/articles/final-walkthrough-checklist/",[343],{"type":116,"value":344},"walkthrough",{"type":116,"value":346}," of the house or get a certified inspection before bidding",{"type":107,"tag":122,"props":348,"children":349},{},[350,355],{"type":107,"tag":112,"props":351,"children":352},{},[353],{"type":116,"value":354},"Bidding wars and risk of overpaying:",{"type":116,"value":356}," Competitive auctions can push prices above market value, so be aware that an unexpectedly low price can rapidly become a much higher one",{"type":107,"tag":108,"props":358,"children":359},{},[360],{"type":116,"value":361},"The bottom line is that auctions can offer steep discounts if you’re experienced, prepared and willing to accept risk. Otherwise, REO listings may be a more manageable path.",{"title":7,"searchDepth":143,"depth":143,"links":363},[],{"data":365,"body":367,"excerpt":-1,"toc":462},{"title":7,"description":366},"While cash is a common way to buy a foreclosed home, that doesn’t mean you can’t finance it. Some mortgage options work better in certain circumstances than in others:",{"type":104,"children":368},[369,373,422,443,456],{"type":107,"tag":108,"props":370,"children":371},{},[372],{"type":116,"value":366},{"type":107,"tag":118,"props":374,"children":375},{},[376,386,404],{"type":107,"tag":122,"props":377,"children":378},{},[379,384],{"type":107,"tag":112,"props":380,"children":381},{},[382],{"type":116,"value":383},"Conventional loans:",{"type":116,"value":385}," These loans are great for homes in move-in condition that meet property standards  ",{"type":107,"tag":122,"props":387,"children":388},{},[389,394,396,402],{"type":107,"tag":112,"props":390,"children":391},{},[392],{"type":116,"value":393},"FHA 203(k) renovation loans:",{"type":116,"value":395}," These loans roll repair costs into your ",{"type":107,"tag":155,"props":397,"children":399},{"href":398},"/home-buying/articles/apply-for-a-mortgage/",[400],{"type":116,"value":401},"mortgage",{"type":116,"value":403},", making them ideal for homes needing renovation",{"type":107,"tag":122,"props":405,"children":406},{},[407,412,414,420],{"type":107,"tag":112,"props":408,"children":409},{},[410],{"type":116,"value":411},"VA loans:",{"type":116,"value":413}," Eligible buyers can use ",{"type":107,"tag":155,"props":415,"children":417},{"href":416},"/home-loans/va-loan/",[418],{"type":116,"value":419},"VA mortgages",{"type":116,"value":421},", though the home must meet basic livability standards",{"type":107,"tag":108,"props":423,"children":424},{},[425,427,433,435,441],{"type":116,"value":426},"Working early with a lender like Citi, which offers a range of ",{"type":107,"tag":155,"props":428,"children":430},{"href":429},"/home-loans/",[431],{"type":116,"value":432},"home loans",{"type":116,"value":434}," to suit different financial situations, can help you determine the right strategy and be ready to act quickly when you find your dream property. 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Final commitment is subject to verification of information, receipt of a satisfactory sales contract on the home you wish to purchase, appraisal and title report, and meeting our customary closing conditions. There is no charge to receive a SureStart® Pre-Approval. However, standard application and commitment fees will apply for the mortgage loan application.\"","SureStart® Terms & Conditions",[],{"title":7,"searchDepth":143,"depth":143,"links":463},[],{"data":465,"body":467,"excerpt":-1,"toc":681},{"title":7,"description":466},"Foreclosed homes often sit vacant for weeks or months before they’re put on the market. That means they may look fine on the surface but hide costly issues beneath. Getting the right inspections and evaluations before you close can save you thousands of dollars and help you make a final decision with confidence.",{"type":104,"children":468},[469,482,489,494,499,517,523,528,564,569,575,580,585,603,608,614,619,624,642,648,653,658,676],{"type":107,"tag":108,"props":470,"children":471},{},[472,474,480],{"type":116,"value":473},"Foreclosed homes often sit vacant for weeks or months before they’re put on the market. That means they may look fine on the surface but hide costly issues beneath. Getting the right inspections and evaluations before you close can save you thousands of dollars and help you make a ",{"type":107,"tag":155,"props":475,"children":477},{"href":476},"/home-buying/articles/how-to-make-an-offer/",[478],{"type":116,"value":479},"final decision",{"type":116,"value":481}," with confidence.",{"type":107,"tag":483,"props":484,"children":486},"h3",{"id":485},"full-home-inspection",[487],{"type":116,"value":488},"Full home inspection  ",{"type":107,"tag":108,"props":490,"children":491},{},[492],{"type":116,"value":493},"A professional home inspection is a good first step. This is a broad evaluation of the home’s overall condition, typically covering structural, mechanical and safety-related elements. An inspector will walk the property from top to bottom and flag issues like roof defects, foundation cracks or worn-out systems that could be expensive to fix.   ",{"type":107,"tag":108,"props":495,"children":496},{},[497],{"type":116,"value":498}," A solid inspection report helps you:",{"type":107,"tag":118,"props":500,"children":501},{},[502,507,512],{"type":107,"tag":122,"props":503,"children":504},{},[505],{"type":116,"value":506},"Understand the true condition of the home",{"type":107,"tag":122,"props":508,"children":509},{},[510],{"type":116,"value":511},"Budget for repairs realistically",{"type":107,"tag":122,"props":513,"children":514},{},[515],{"type":116,"value":516},"Identify potential deal-breakers before you’re locked in",{"type":107,"tag":483,"props":518,"children":520},{"id":519},"systems-checks-hvacplumbingelectrical",[521],{"type":116,"value":522},"Systems checks (HVAC, plumbing, electrical)  ",{"type":107,"tag":108,"props":524,"children":525},{},[526],{"type":116,"value":527},"Foreclosed homes often go without regular maintenance, which means the major systems may be worn, outdated or non-functional. Be sure to examine: ",{"type":107,"tag":118,"props":529,"children":530},{},[531,543,554],{"type":107,"tag":122,"props":532,"children":533},{},[534,536,541],{"type":116,"value":535}," ",{"type":107,"tag":112,"props":537,"children":538},{},[539],{"type":116,"value":540},"HVAC:",{"type":116,"value":542}," Heating and cooling systems may be neglected or damaged, especially if the power was shut off during vacancy  ",{"type":107,"tag":122,"props":544,"children":545},{},[546,547,552],{"type":116,"value":535},{"type":107,"tag":112,"props":548,"children":549},{},[550],{"type":116,"value":551},"Plumbing:",{"type":116,"value":553}," Frozen, leaking or corroded pipes can lead to water damage and mold growth, and septic tanks (if present) need evaluation too",{"type":107,"tag":122,"props":555,"children":556},{},[557,562],{"type":107,"tag":112,"props":558,"children":559},{},[560],{"type":116,"value":561},"Electrical:",{"type":116,"value":563}," Outdated wiring, overloaded panels or DIY fixes can be serious fire hazards that should be addressed in advance. ",{"type":107,"tag":108,"props":565,"children":566},{},[567],{"type":116,"value":568},"You may need specialists for deeper checks, but even a competent general inspector can identify red flags and recommend targeted follow-ups.  ",{"type":107,"tag":483,"props":570,"children":572},{"id":571},"roof-and-foundation-evaluation",[573],{"type":116,"value":574},"Roof and foundation evaluation  ",{"type":107,"tag":108,"props":576,"children":577},{},[578],{"type":116,"value":579},"Roof and foundation issues are often the costliest to fix. Because foreclosed homes may sit empty without climate control or routine upkeep, roof leaks and shifting foundations are more common than you might think.   ",{"type":107,"tag":108,"props":581,"children":582},{},[583],{"type":116,"value":584},"During this inspection:",{"type":107,"tag":118,"props":586,"children":587},{},[588,593,598],{"type":107,"tag":122,"props":589,"children":590},{},[591],{"type":116,"value":592},"Look for leaks, missing shingles, and sagging areas",{"type":107,"tag":122,"props":594,"children":595},{},[596],{"type":116,"value":597},"Check for foundation cracks, uneven floors, and wall separation",{"type":107,"tag":122,"props":599,"children":600},{},[601],{"type":116,"value":602},"Ask about potential water intrusion points  ",{"type":107,"tag":108,"props":604,"children":605},{},[606],{"type":116,"value":607}," Getting these evaluated early helps you avoid surprises that might derail your renovation budget.  ",{"type":107,"tag":483,"props":609,"children":611},{"id":610},"pest-and-termite-inspections",[612],{"type":116,"value":613},"Pest and termite inspections  ",{"type":107,"tag":108,"props":615,"children":616},{},[617],{"type":116,"value":618},"From termites to rodents, vacant properties are magnets for pests, particularly if utilities were turned off a while ago. 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If you’re comfortable taking on a renovation, want to flip the property or willing to exchange some risk and effort for a low price, a foreclosed home might be a good fit for you.\"},{\"question\":\"How long does it take to buy a foreclosed home?\",\"answer\":\"The timeline depends on factors like the type of property, how you’re buying it and whether you waive inspections. If you’re financing the home, it could take around 45-60 days. The lender may be motivated to move quickly to recoup their costs, but issues like liens or unpaid taxes may draw the process out.\"},{\"question\":\"Is it harder to get a loan on a foreclosed home?\",\"answer\":\"It can be harder to get a loan on a foreclosed home because for certain mortgages, the home needs to meet livability standards. In many cases, cash purchases are preferred. 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For advice about your specific circumstances, you should consult a mortgage professional and refer to the information and disclosures provided to you by the lender you choose regarding its products and services.\n\nTerms, conditions and fees for accounts, programs, products and services are subject to change without notice. This is not a commitment to lend. All loans and offers are subject to standard underwriting guidelines and required conditions. This offer contains information about U.S. domestic financial services provided by Citibank, N.A. and is intended for use domestically in the U.S. Certain restrictions may apply on all programs.","content:disclosures:default.json","Default","disclosures/default.json",{"_path":821,"_dir":84,"_draft":6,"_partial":6,"_locale":7,"content":822,"slug":823,"_id":824,"_type":78,"title":825,"_source":80,"_file":826,"_extension":78},"/disclosures/spanish-language-disclosure","\u003Csup>†\u003C/sup>Please be advised that verbal and written communication from Citi may be in English as we may not be able to provide servicing related communications in all languages. These communications may include, but are not limited to, account agreements, statements and disclosures, change in terms or fees; or any servicing of your account. If you need assistance in a language other than English, please contact us as we have language services that may be of assistance to you.\n\n\u003Cspan lang=\"es\">Por favor, tenga en cuenta que las comunicaciones verbales y escritas de Citi podrían estar únicamente en inglés, ya que, tal vez, no podamos proporcionar comunicaciones relacionadas con los servicios en todos los idiomas. Estas comunicaciones podrían incluir, entre otras, contratos, divulgaciones y estados de cuenta, cambios en los términos o en los cargos, así como cualquier documento de mantenimiento de su cuenta. Si necesita ayuda en un idioma distinto al inglés, por favor, comuníquese con nosotros, ya que tenemos servicios de idiomas que podrían serle útiles.\u003C/span>","spanish-language-disclosure","content:disclosures:spanish-language-disclosure.json","Spanish Language Disclosure","disclosures/spanish-language-disclosure.json",{"data":828,"body":830,"toc":841},{"title":7,"description":829},"This page provides general information regarding mortgages or home equity lines of credit. Citi's offerings and lending guidelines may be different. This content is for educational purposes. It is not intended to provide legal, investment, tax, or financial advice and is not a substitute for professional advice. For advice about your specific circumstances, you should consult a mortgage professional and refer to the information and disclosures provided to you by the lender you choose regarding its products and services.",{"type":104,"children":831},[832,836],{"type":107,"tag":108,"props":833,"children":834},{},[835],{"type":116,"value":829},{"type":107,"tag":108,"props":837,"children":838},{},[839],{"type":116,"value":840},"Terms, conditions and fees for accounts, programs, products and services are subject to change without notice. This is not a commitment to lend. All loans and offers are subject to standard underwriting guidelines and required conditions. This offer contains information about U.S. domestic financial services provided by Citibank, N.A. and is intended for use domestically in the U.S. Certain restrictions may apply on all programs.",{"title":7,"searchDepth":143,"depth":143,"links":842},[],{"data":844,"body":846,"toc":869},{"title":7,"description":845},"†Please be advised that verbal and written communication from Citi may be in English as we may not be able to provide servicing related communications in all languages. These communications may include, but are not limited to, account agreements, statements and disclosures, change in terms or fees; or any servicing of your account. If you need assistance in a language other than English, please contact us as we have language services that may be of assistance to you.",{"type":104,"children":847},[848,859],{"type":107,"tag":108,"props":849,"children":850},{},[851,857],{"type":107,"tag":852,"props":853,"children":854},"sup",{},[855],{"type":116,"value":856},"†",{"type":116,"value":858},"Please be advised that verbal and written communication from Citi may be in English as we may not be able to provide servicing related communications in all languages. These communications may include, but are not limited to, account agreements, statements and disclosures, change in terms or fees; or any servicing of your account. If you need assistance in a language other than English, please contact us as we have language services that may be of assistance to you.",{"type":107,"tag":108,"props":860,"children":861},{},[862],{"type":107,"tag":863,"props":864,"children":866},"span",{"lang":865},"es",[867],{"type":116,"value":868},"Por favor, tenga en cuenta que las comunicaciones verbales y escritas de Citi podrían estar únicamente en inglés, ya que, tal vez, no podamos proporcionar comunicaciones relacionadas con los servicios en todos los idiomas. Estas comunicaciones podrían incluir, entre otras, contratos, divulgaciones y estados de cuenta, cambios en los términos o en los cargos, así como cualquier documento de mantenimiento de su cuenta. Si necesita ayuda en un idioma distinto al inglés, por favor, comuníquese con nosotros, ya que tenemos servicios de idiomas que podrían serle útiles.",{"title":7,"searchDepth":143,"depth":143,"links":870},[],[],1778109760944]