Fifth Third Bank is a large regional bank with location presence across the midwest. 5/3 Bank maintains a website in partnership with RESNET that lists their foreclosure listing inventory for the general public. You can search online by the property type, location and/or price range. If you are looking for a bank owned home in the service area of 5/3 Bank, the 5/3 Bank website is a great source of foreclosure listings. Foreclosure properties from 5/3 Bank are available to both homeowner-occupant and investor buyers of foreclosure properties.
It has been my experience that Fifth Third Bank works to sell their foreclosed properties with local real estate agents. These agents are hired by a third party company known as an asset management company. Fifth Third Bank utilizes several asset management companies to hire local real estate agents, negotiate contracts and maintain properties on their behalf. Fifth Third Bank staff has final authorization on all offers even though a third party contractor is involved in the sale.
What does the presence of a third-party intermediary company mean to the transaction of buying a foreclosed home from Fifth Third Bank? The asset management company can be more knowledgeable about local areas than a bank may be as they work with multiple clients to sell properties. It can also potentially increase the response time needed for offers and negotiation as an additional level of authorization may be required. Typically an offer to purchase a Fifth Third Bank foreclosure will go from a buyer through the listing agent assigned to the home then to the asset management company and finally to bank staff at Fifth Third Bank. Be patient when negotiating a contract for a Fifth Third Bank foreclosed property.
You can view 5/3 Bank foreclosures online at this link.