National City Bank Owned REO Properties for Sale
National City Bank REO properties used to comprise all the properties that belonged to its subsidiary National City Mortgage, which ended in foreclosure auction. These repossessed properties were handled internally through their REO Asset Management division. Since its acquisition by PNC Bank these REO properties of single family and multi-family residential home loans are being handled by RES.Net.
Before the acquisition of National City bank by PNC bank, it was once one of the largest banks in US. As a matter of fact, its Subsidiary National City Mortgage was the first company in America to do a mortgage in its current format. The company operated primarily in the following states in the mid-west and east coast: Ohio, Illinois, Indiana, Kentucky, Michigan, Missouri, Pennsylvania, Florida, and Wisconsin. RE agents in these states can approach the vendor platform to sign up as an approved REO agent. National City Mortgage was quite aggressive in their lending practices during the g0-go days of the real estate market boom during 2003-2007.
Buying National City REO Properties:
All the REO homes repossessed by National City used be handled and processed by their internal asset management company. But after getting acquired by the company this process has been outsourced and is currently being handled through a external vendor RES.net. Realtors and agents interested in becoming agents of National City should find the process at this site. Even though the REO BPO (Broker Price Opinion) disposal, maintenance and resales are handled through this vendor REO platform, real estate agents are still handling the end process.
You may also want to learn about PNC Bank REO division if you want to be a registered REO agent for National City.