Oct

Can you tell that a home is a Foreclosure? – Yes… “Then it probably is not Citi Owned or Managed!”

One of the greatest things amongst all of the Bank with which we work – is the Fact that Citi is about keeping the communities looking well kept.

Allow me to break this down, we just left a Large Conference in Texas – The Five Star Conference – I had an invitation only presentation by Citi and the REO leadership.

One of the more important concerns that were stressed by Citi management had to do with keeping the Foreclosures looking presentable and not run down.

I have been driving through neighborhoods, as I am sure you have, and the Foreclosure and Bank Owned home is literally like a “Black Hole” that is pulling down the rest of the neighborhood.
We personally live in a neighborhood that has Bank Owned homes within it – The biggest turn off is watching as this Bank Owned Asset makes our neighborhoods look totally run down. It is very bothersome. Not to mention that it attracts the Criminal Element and Squatters.

You won’t find Citi assets that are taken care of in this poor manner. The mandate their agents keep the landscaping trimmed, the exterior free from garbage and trash and the interiors squeaky clean.

What is the insurance policy that Citi has in place? An Insurance Policy which is much different from the other Banks and Hedge Funds that are holding and selling Foreclosure Assets?

Citi has placed “Local” Asset Managers in the areas in which they have Foreclosures.

Roving AM's

So, instead of like most banks having their AM’s in an office hundreds of miles away and in different states, Citi upped the Ante’ and hit a home run.

These “roving” asset managers can inspect the properties personally and report back to Citi Corporate to advise if the agent is dropping the ball or if the agent is doing their JOB!

Nevou – Absolutely – but having been working with Citi for quite a while now, Paris and I are not surprised anymore to see this type of forward looking thinking “APPLIED”.

“Citi Bank has even placed us on a conference calls with other agents to bounce new and innovative ideas off of us, “The Real Estate Experts and Leaders.”