Foreclosure in Austin>Question Details

Chenlj, Home Buyer in Austin, TX

I am made an offer to buy a forclosure property own by DEUTSCHE BANK NATIONAL TRUST CO. CARRINGTON MORTGAGE

Asked by Chenlj, Austin, TX Tue Apr 28, 2009

1610 E SAINT ANDREW PL SANTA ANA, CA 92705-4931. Somehow the list agent just does not want to submit our offer to the bank. He ignored the first offer that my agent sent to him. My agent sent him the offer second time but he still did not acknowledge the offer. It suppose take only 2~3 business days to hear from bank, but we haven't hear from him for about two weeks. How can I find that he has actually submitted our offer to the bank or not?


Help the community by answering this question:


Most REO's are aware of a potential conflict of interest and have gone to an online offer submission so that the listing agent doesn't even see the offers. I would think that eventually all REOs will go this route since it is not only efficient but also should bring the highest price for the properties. With so many mortgages insured via a Credit Default Swap (insurance) backed by AIG, it appears many lenders really don't care how low a property sells for since they will receive full reimbursement for their loss from AIG. The quicker it's sold, the sooner they get their money back. For that reason, clearlly the best deals are not Short Sales but lender owned properties.

Hope this helps.

Alma Kee, Realtor
Alma Rose Kee, P.A.
Tampa, FL
Web Reference:
2 votes Thank Flag Link Sat Jun 13, 2009
I am Virtual REO investor and buying REOs in several states including CA. My advice - just move on. This is a number game. Do not get bogged down by one SOB agent. But if you really ticked off on this guy - make a call to his broker and (you did not hear this from me) and introduce yourself as esq. who writes up complaint to the CA real estate comissioner about potential fraud perpertrated by the agents in this brokerage who alegedly hold on to the REOs for their preferred clients instead of submitting offers that was given to them by the memebers of the general public.

But seriously - move on - there are way tooo many deals to get stuck with the bad agent. :)
1 vote Thank Flag Link Tue Apr 28, 2009…
go to this link above and write your complaint
their fax# 714.247.6022
0 votes Thank Flag Link Wed Apr 13, 2011
i'm dealing with the same situation here in Miami, fl. i sent an offer over the asking price and after a month it closed for the asking price which led me to some research, the property was bought by a corporate name that was open/active the same day of the listing of the subject property i called the reo department of the bank and asked to speak with the asset manager and he confirmed my offer was not presented. that is one thing you can do so that they put that agent/realtor in the bank's black list and immediately the bank will stop sending work to that agent you can also report the fraud to your state DEPARTMENT OF LICENSING & REGULATIONS and to the BOARD OF REALTORS. These jealous agents are taking money away from investors, they would give the properties to their preferred investor for a kickback or they'll purchase for their own best financial interest. i'll post a link where you can also write your situation/conplaint with the bank.
0 votes Thank Flag Link Wed Apr 13, 2011
We had the very same experience with a home owned by this bank. The home is located in Austin. We submitted an offer on Wednesday and they requested and received the earnest money on Thursday. On Saturday their agent called ours and stated there had been another offer that was significantly higher than ours and asked if we wanted to submit a new offer, which we did. After that our agent was unable to reach the selling agent, she was never in her office and never returned phone calls. Our agent finally went to the selling agents office where she was told the house was pending, that the bank had accepted another offer on Friday morning. Huh? The day after we pay earnest money they accept another offer? And the day after they have accepted another offer their agent calls and asks us for a higher offer? We have no way of knowing if our offer was ever submitted to the bank. Same bank-same story. Have you attempted to call the bank itself?
0 votes Thank Flag Link Tue May 12, 2009
If you would like more foreclosure properties to look at and consider, visit my website below. You can view a complete (online) list of available foreclosures in our area (with color photos). My foreclosure list includes both government and bank foreclosures with full addresses, descriptions, and color photos for each property.
0 votes Thank Flag Link Wed Apr 29, 2009

Hello. Sounds like you are in a situation that many inestors and buyers find themselves in, and it may not even be the "AGENT" who is to blame. Banks have hundreds of properties in their portfolio and most of the time the process to respond to offers, just simply takes time. "AGENTS" are in business to affect sells! If your offer is more than 10% below the asking price, the bank may choose not to even respond to you offer. The "Bank" does not have to respond to all offers in TX, not sure how it is in Cali. If you are concerned that the "AGENT" is not presenting your offer, you may wish to keep an email record of your correspondence and contact their real estate broker. I find in most negotiations, the main reason they go bad, is do to lack of communication. If the "AGENT" is failing to communicate that the bank does not wish to respond, you should be made aware of this. Again, if there is a roge "AGENT" attached to this transaction and they are not presenting your offers, emailing the "AGENTS" real estate broker should get you a response. I wish there was a nation wide policy for the foreclosure/REO process, but there is not! Each state has different ways they handle real estate transactions, and then each bank has ways they handle foreclosures/REO's, which makes for a long drawn out process when working these types of deals. These transactions sometimes are a good deal, but "TIME" is not always a priority with these types of transactions. So, if you choose to purchase this foreclosure/REO or any other in the future, keep in mind it is rarely the "AGENT" who is delaying the process and be prepared to wait for a response. Even then, it may not be the response you expect. Good luck..

Gavin St.Louis
Texas Managing Broker
"Showing You the Rebate"
0 votes Thank Flag Link Wed Apr 29, 2009
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