Foreclosure in 50317>Question Details

Pamela John, Home Buyer in Norwalk, IA

How do I make an offer on Duetsche bank property in Des Moines Iowa area?

Asked by Pamela John, Norwalk, IA Tue Feb 10, 2009

The property was originally forclosed by WA MU but was sold to Duetsche

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Most Foreclosure homes that have gotten clear title will be listed with a Real Estate Agent who specializes
in REO's. Deutsch Bank owns many homes in Central Iowa and all of the ones I have seen have been
listed in the MLX. Homes that you have found in the Assessors page are probably still somewhere in that
long process of clearing title. Why it takes banks so long to get this done doesn't make any sense to me, however, as this process is more complicated than most real estate transactions, and most asset managers won't even look at offers that don't look like they come from someone who knows what they are doing, if you are really interested in this market find an agent who knows this niche market. Remember
that the seller is already paying the brokerage fee, so having a buyers broker gives you someone who looks
out for your interests. In fact if you get an agent to sign a buyers brokerage agreement you have a legal
guarantee that that agent will represent your best interests!
0 votes Thank Flag Link Fri May 22, 2009
Pam & John, I have the information we discussed last week. Please give me a call 537.9922 and we can discuss.
Beth
0 votes Thank Flag Link Sat Feb 28, 2009
You will not be able to make an offer directly to Duetsche. Duetshce does not have an REO (real estate owned) department set up to handle their foreclosures. They prefer to outsource to companies who specialize in managing the property from time it was taken back in foreclosure to the day it is sold. They outsource to over 8 companies nationally. These companies have relationships with local brokers who specialize in selling REO properties.

If you have a particular property in mind it would be best to work with a Realtor who understands the process on buying a foreclosure. That Realtor would be able to track the property for you.

If you would like me to recommend a Realtor who would be able to help you please feel free to contact me. If you would like more information on HUD Homes (FHA Bank Foreclosures) please go to http://www.Find-A-HUD-Home-Today.com
0 votes Thank Flag Link Sat Feb 28, 2009
Dear Pamela,

When you buy a foreclosure home, you buy it "as is", with no warranties. You want to view the property carefully first because it may be nice, but more than likely there are undiscovered issues that you will "own" once you own the home. You do not state whether you are a first time homebuyer or not. I strongly discourage first time homebuyers from buying foreclosed properties because you may be buying a money pit. If you have owned property before, more than likely you are aware of the issues that may confront you.

Also, most foreclosure properties require a preapproval letter from the bank as well as $1,000 in earnest money before making the offer. You don't mention if you are aware of those requirements or not.

I'd be more than happy to visit with you about the possibility of making an offer on a foreclosure property. Bear in mind that when a bank is involved, it will not be a fast closing. Banks tend to drag their feet, mostly because they are so overwhelmed with foreclosures at the moment. So, if you are ready to go for a long ride, contact me and we can take the ride together. Patience is definitely a virtue when you pursue purchasing a foreclosed or short sale property.
0 votes Thank Flag Link Wed Feb 11, 2009
I have worked with Deutsche bank SEVERAL times on bank owned (foreclosure) properties in the past several years.
I am a buyers agent. Deutsche in particular likes to push buyers around and moake them jump through a LOT of ridiculous and questionably illegal hoops.

If you are interested in finding an agent who is familiar with the process and can provide a reference from another buyer of a Duetsche bank property, drop me a note and we can meet. If you feel comfortable, I'll be happy to show you the property and we can go from there.
0 votes Thank Flag Link Tue Feb 10, 2009
You need contact a Trulia realtor local in your area, or realtor who can represent you submit an offer on your behalf. With all offers you need lender approval statement.

Buyers agent who represents you reviews research history of property submit a winning bid on behalf of all parties.

Keep in mind foreclosures you may not receive a response if lender does not prefer your offer.

Good luck all home owners receive annual tax benefits.
Web Reference: http://www.lynn911.com
0 votes Thank Flag Link Tue Feb 10, 2009
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