Investors who are interested in benefiting from the deep discounts presented by the current slump in real estate will find HSBC REO properties to be valuable. Realtors, brokers and Listing agents looking to expand into REO sales by becoming an approved listing agent, can find opportunities with HSBC Bank’s REO Properties.
About HSBC Bank
HSBC Operates with two divisions: HSBC USA Inc, which is the holding company for HSBC Bank USA, N.A., and HSBC North America Holdings Inc. The former division is headquartered in New York City, while the latter is located in Prospect Heights, Illinois.
HSBC Bank has about three million customers using its global banking services. It provides a full range of services and banking products to not only to individuals and corporations, but also to banks. HSBC has total employee strength of 14,000. It has a wide footprint in New York State with about 400 branches. It also has a few branches spread out in Florida, California, Delaware, Oregon, Pennsylvania, Washington State and Washington DC. HSBC’s U.S. and Canadian businesses are the holdings of HSBC North America Holdings Inc. Household International businesses, which was acquired by HSBC is also part of the holding company. This HSBC division has US assets of $300 billion, and it is one of the top ten banking services company. HSBC, HFC and Beneficial are the brands HSBC uses to market its products.
HSBC REO Properties for Sale
HSBC or one of its subsidiaries forecloses on a house when the home owner who borrowed using the property as collateral defaults on his monthly mortgage payments. Depending on the location of the property, a judicial or non-judicial (trustee) foreclosure process begins and usually ends up in a foreclosure auction (Sheriff Sale or Trustee Sale). The loan amount owed on the property along with other expenses accrued by the foreclosing bank or mortgage lender is set as a reserve bid price. Some properties fail to sell at the auction. In such cases, the lender has no option but to retain it as REO or Bank Owned Real Estate.
HSBC REOs comprise of all the residential (single-family, duplex, triplex, fourplex, condos, townhomes) properties acquired by various HSBC banking divisions: HSBC Bank USA, National Association or HSBC Mortgage Corporation (USA), their Affiliates, or as Servicer, through foreclosure. If a property you are interested has any of the above HSBC entities as owner, then you can approach the HSBC REO Department. All the issues, bids and negotiations pertaining to buying HSBC REO properties have to be processed or channeled through their internal REO Asset Managers.