Greta209, Home Buyer in Bristol County, MA

Who handles bank sales of Deutche Bank & Trust co in Bristol County?

Asked by Greta209, Bristol County, MA Wed Aug 12, 2009

I found a home that I love that is foreclosed/bank owner. I have been watching it and finally found a real estate transfer from the owner to Deutsche Bank. However DB does not have a line to speak with someone about what agency will be handling the sale. I cannot find the prop listed anywhere. Where do i go from here?

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5
Hi Greta,

It is never a good idea to contact a bank's representative direct. When you do, you are contacting the “Seller’s” Agency. They will fully represent the seller/bank. It is the legal obligation of the real estate company and it's agents to get the highest price and the best terms for their client, the seller (bank). Also, any personal and financial information given by a potential buyer to a seller's agent must by law be told to the seller. If you are shopping around for real estate, its best to work with just one agent, and you should strongly consider working with one who will represent YOUR best interests. Being a buyer agent myself, I can tell you from prior experiences that this bank holds alot of properties with unclear titles in MA, which has caused many delays for clients and sales have fallen apart after the buyer has invested in the transaction. In addition to hiring a Buyer Agent to guide you down this road, you should also have an attorney lined up to review titles for you prior to entering the negotiation process.

~M

~M
1 vote Thank Flag Link Tue Aug 25, 2009
Hi Greta,

Once foreclosed the property is ussually placed with an asset management company. They are the people who hire the Realtors to find out the current value of the property. Once a value is established, they will hire possibly the same Realtor to list the property. It could take a few weeks after foreclosure before you see it on the market.
You should really think of working with a Buyer's Agent when purchasing a home, especially a distressed property (foreclosure, short sale). We work in YOUR best interest, not the bank's.

Ray Cardoza
Keller Williams Realty
Servicing the South Coast & RI
1 vote Thank Flag Link Wed Aug 12, 2009
I you check on the court records there should be a copy of the first legal recording that the attorney handling the case would of filed. With the attorney name you should be able to track down the lender servicing the case for Deutsche Bank. Another way is if you have access to realty trac or foreclosure.com, which are for pay service that provide that kind of information. The other way is fiind a buyers agent who may be able to track it down for you.

Good luck


Keith Manson

First weber Group

Certified Distressed Property Expert
1 vote Thank Flag Link Wed Aug 12, 2009
Chances ar the property is assigned to an asset manager, who will then assign it to a Realtor. If you wanted to conduct some preliminary research, you could call an attorney to be sure that the title to the home is actually saleable. Many problems are arising regarding purchasing bank owned property. There were so many mortgages bought and sold, many recorded wrong, assignment dates are questioned. Many times the banks foreclose and cannot even prove they have the right. Be extra cautious when attempting to purchase a bank owned property.
Quick Note: I know you probably are tired of agents tellng you to work with a buyers agent. There is a reason for this. It is for your own protection.. to help you make the right choices and to protect you. Buyers agents are free ( usually). Great agents aren't just in this business for the quick buck, they sincerely love to help people and have long-sighted goals... i.e. if they treat you right, you will ultimately refer your family and friends.
Call me if you have further questions... no pressure.
Lori Lincoln 509-878-0917
0 votes Thank Flag Link Fri Nov 20, 2009
I have worked with asset managment dept of this bank and I can tell you that until this properties is listed for sale with a Realtor, you cannot submit an offer on this property. I agree witht the last suggested made by previous agents. Consult a Buyers Agent and let them submit the offer for you.

Buyers Agents work in your best interest not the banks and it cost you NOTHING.

If I can assist, please feel free to contact me.

AMS Real Estate
774-264-9117
0 votes Thank Flag Link Wed Aug 26, 2009
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