What are foreclosures?
Foreclosures are real estate-owned (REO) or bank-owned properties, and they have the potential to offer an affordable option to the right buyers.
Buying a CSB owned property is a great way to get more for your money. Foreclosed or REO properties are typically priced below their actual market value and offer great incentive for homebuyers.
Requesting Information
If you would like information on a specific property, or would like to arrange a showing, please contact the Listing Agent at the telephone number indicated for that property. You can reach our REO department at (979) 596-1421.
What are repossessions?
When a borrower fails to make payments on a loan, the lender may take back the financed item — such as a vehicle, trailer, or boat — through a process called repossession. Once repossessed, these items are often sold to recover the remaining balance owed on the loan.
While repossessions are an unfortunate part of lending, they also create an opportunity for others to purchase quality items at discounted prices, depending on what’s currently available.
Available Repossessions
Swico Auctions is the primary auction service that Citizens State Bank uses. They are located online at Swico Auctions.
For current repossessions available, please visit Swico Auctions. We encourage all bidders to inspect any vehicles or equipment prior to placing a bid.
Frequently Asked Questions
What is an "REO" property?
REO ("Real Estate Owned") is a term used to describe a property that was acquired, normally as a result of a foreclosure.
I cannot find a CSB property on the website.
The property may not be available for sale at this time because it is occupied, in redemption, or undergoing repairs. Contact your real estate agent to see if the property is currently listed.
How can I get more information about a property?
Contact the listing agent shown on the property details page. The agent may be able to provide more information regarding the property.
Do I need to get pre-qualified in order to buy a property?
For any offer that is contingent on financing, CSB requires a pre-approval letter from a reputable lender selected by the buyer.
Who do I contact to make an offer on a CSB property?
All offers need to be submitted to the listing agent. If you have your own real estate agent, they should submit all offers through the listing agent. The listing agent will submit all offers to CSB for review.
What is Repossession?
Someone who fails to make loan payments may have his or her car/collateral taken away. This is called repossession. In order to recover from losses experienced in loan deficiency, CSB must sell these collaterals.
After a car/collateral is repossessed, what does CSB do with it?
CSB will try to sell it in an auction at Swico Auction.
Customers are given a chance to reconcile the deficiency to reclaim the collateral once that time has lapsed. CSB Repossessions are primarily sold through a third-party auction company.
Although the information herein is obtained from reliable sources, CSB assumes no responsibility and makes no warranties, representations, or guarantees as to the availability or accuracy of the property information, photographs, or other information depicted in the listings available using this web site. CSB is not responsible for the products or services offered by the real estate professional identified in any particular listing or other information depicted in the listings available using this website.
All items are in UNKNOWN WORKING CONDITION unless otherwise stated, and sold AS IS, WHERE IS with NO WARRANTIES implied or expressed. Item preview is highly recommended and bidding without previewing is strongly discouraged.
Any funds obtained through the auction of collateral are applied to the loan deficiency prior to any further legal actions being taken against the customer.