According to their website, “Zions First National Bank is a subsidiary of Zions Bancorporation which operates more than 500 offices and 600 ATMs in 10 Western states: Arizona, California, Colorado, Idaho, Nevada, New Mexico, Oregon, Texas, Utah and Washington. As a full-service bank, Zions offers commercial, installment and mortgage loans; trust services; foreign banking services; electronic and online banking services; automatic deposit and nationwide banking and transfer services; as well as the more familiar checking and savings programs”. Zions bank has grown into one of the largest financial institutions in the United States. As part of their astounding growth in servicing a large portion of western states, they have also seen some exposure during the recent economic downturn. Although they have practiced prudence and remained very conservative with their lending portfolio, Zions Bank has seen an influx of non performing loan which have resulted in numerous repossessions and REO (real estate owned) files.
As pursuant to traditional repossession procedure, Zions Bank has developed a system to remarket repossessed property effectively. Some of this property, which includes real estate, boats, cars, recreational vehicles and more, is posted for sale on a section of Zions Bank’s website as a public sales offering. On this webpage Zions bank primarily sells REO throughout western US states. They also have strategically placed links to their mortgage and auto lending products. This feature allows all potential buyers to compare the APR on any asset they may be interested in purchasing (whether it is a Zions Bank owned asset or not).
For car and home buyers who want to search bank repo’s they are listed for sale on the-Zions Bank repo list.
Generally speaking, most bank repo buyers will be pleasantly surprised as they experience the professionalism and knowledge that can only come from buying directly from the bank. There are many advantages to purchasing bank owned repo’s besides just the price. You can also avoid sales commissions, get expert opinion, as well as negotiate the interest rate should you choose to finance the purchase with Zions. Don’t hesitate to reach out to a representative at Zions Bank if you if you have any questions about their foreclosure sales.
Most repossessions are sold “as-is”, so take the time to perform a thorough inspection and do any due diligence prior to submitting an offer. Feel free to contact outside help if necessary from a local real estate professional or auto mechanic.