Foreclosure in Baltimore>Question Details

Keyasplace, Home Buyer in Baltimore, MD

How do I purchase a home that went to auction but did not sell and has now gone back to the bank?

Asked by Keyasplace, Baltimore, MD Fri Jun 19, 2009

The home went to auction on June 18th but no one bid on it. I was unable to bid because because I couldn't come up with the $25,000 cash deposit. I've been waiting on this house to go to auction for almost 5 months. The owner filed bankruptcy which delayed the process for a few months and now its gone back to the bank. I really want this house and don't want to wait however long it takes for it to go through the process of being relisted, which to my understanding can take months. I already have my financing in place for a home loan well over what the bid for the house started at. The house was sold back to the bank (Deutsche Bank National Trust Company). Everyone keeps telling me I can contact the bank in an attempt to purchase the property before they relist it, but I have not been able to get in contact with anyone at Deutsche Bank.

Can anyone offer me some guidance? I really don't want to wait months to purchase the home.

Thanks

Help the community by answering this question:

Answers

5
Try contacting the bank. They have REO departments. If that does not work you will see it on the market soon. Good luck
1 vote Thank Flag Link Fri Jun 19, 2009
My first advice would be to find out who owns the house. If the bank has not completed it's foreclosure process, legally the owner of title still owns it. You will find it difficult for the bank to talk with you at this stage due to confidentiality. With that being said I've heard that Deutsche Bank is one of the banks willing to negotiate once they received an offer and are quick to get them closed on off their books. Seek an agent who has experience in short sales. They should be able to guide you in the process.

Good Luck,

Diane Fuchs, CRS, GRI, ABR, E-PRO
Broker Associate
Michael Saunders & Company
941-266-8006
dianefuchs@michaelsaunders.com
0 votes Thank Flag Link Tue Aug 11, 2009
Hi There,
I would agree that a buyers agent could be a big help to you and it would cost you nothing. Some banks right now have too much inventory for the staff to stay on top of, so it could take a long time to get re-listed. A buyers agent could contact the prior listing agent and with a professional courtesy possibly get directly to the contact at the bank that was handling this property when it was listed. If that doesn't work, we have great networking and could very likely find another agent who has a contact at the bank. Beside all of that, you will need an agent at some point to write the offer and submit it for you, so why not bring in someone now that does this type of stuff all the time. Best of luck!
0 votes Thank Flag Link Thu Jul 16, 2009
Find a realtor you trusted. Get yourself prequalify for the loan that you need from the bank own this house. That give you best chance to buy the house you love. Please be patient, it may take time for all pieces get together. But this is the way it go. Tony Tam.
0 votes Thank Flag Link Fri Jun 19, 2009
I will see what I can find out for you.
0 votes Thank Flag Link Fri Jun 19, 2009
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2016 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer