Foreclosure in Portsmouth>Question Details

Andrew Readel, Real Estate Pro in Portsmouth, NH

Who is the REO management company for Deutche Bank in the New England area?

Asked by Andrew Readel, Portsmouth, NH Sun Jan 15, 2012

Im a sales agent in Southern NH . Im tracking a home for a buyer that is going into foreclosure . The bank is Deutche Bank . I know the foreclosure with result in a "bank buy back " at the foreclosure auction. After that process who will the bank have manage the sale?

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Hello Andrew,

I have tried doing a similar thing after my buyer's short sale deal fell apart - as the sellers attorney, doing negotiation, didn't do much and the bank rejected the matter what the listing agent and I did to make the deal happen (the attorney didn't allow any access to the bank).

I was even able to get to the right person - the asset manager inside the bank - but she would not consider my buyers' great offer (cash and even over market price), their desire to pay off the condo association 35K dues, or my "only one agent's" commissions.

The property went on the market at the same price my buyer was offering, in July 2011, stayed on the market for 5 months, with one price reduction and the listing expired. The condo did not sell at all.

My buyers were no longer interested in buying a condo by then and wanted a house instead.

The bank still didn't sell or rent this condo, to this day - and the maintenance fee is $1,500/mo. and the bank is also paying real estate taxes and assessment on the property (a large one, as balconies are being repaired).

Despite a huge potential loss, CMAs, quick sale and cash buyer consideration - the bank's representative could care less about her employer making/not loosing money. I hope this experince is not common, but I have talked to other agents - and many had similar experiences with asset managers.

If anything, try to become this bank's REO agent (if this fits your business model).

Hope this helps,

Irina Karan
Beachfront Realty, Inc.
0 votes Thank Flag Link Wed Apr 25, 2012
Scott, I found the asset management co. and found the agent that will list it! This could go pretty good ! I'll keep you posted-Andrew
0 votes Thank Flag Link Sun Jan 22, 2012
Andrew the problem is if it is a FAnnie or Freddie the bank doesnt care, they are getting paid off. Fannie and Freddie are extremely difficult to work with. They will not change their process. What seems like common sense is not common for the REO process. Unfortanately with Fannie and Freddie they will only list with approved brokers, their list is very small. The problems is a lot of the agents they seem to pick are either over worked or dont care. It is usually near impossible to get a call back, do not show their own homes. There is a couple of good ones the bad ones ruin the whole process.
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0 votes Thank Flag Link Sat Jan 21, 2012
Scott, thanks for your reply. I completely understand the foreclosure process and the PMI issues. More than likely Fannie or Freddi will have control of the home in the end. The interesting situation is my buyers could save the banks a ton of trouble. First, cash buyers willing to pay up to 80% of delinquent loan. Second , they will demolish the home . The bank wont even need to clean it out. If you happen to hear of a Deutche bank home in Lee NH could you keep me in mind ? It could be a very speedy transaction . The actual auction is this week. Thanks-Andrew
0 votes Thank Flag Link Mon Jan 16, 2012
Andrew there is really no one that you can talk to in order to intervene with the process. I have listed and sold for Deutche Bank here in NH and they use different companies not just one. Once the home is taken bank at foreclosure auction it depends if they had PMI and if that company chooses to take the home or if they pay teh claim and Deutche bank goes ahead to sell it. Once that is worked out they will list it with an approved broker in that town/city. If the home is vacant it will be cleaned, appraised and put on the market. if it is occupied, everything is on hold until the occupant is out. once it is assigned teh agent will put a notice of contact on the door. i would look for that to contact the listing agent once it assisgned.
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0 votes Thank Flag Link Sun Jan 15, 2012
You are wasting your time. Banks REO managers or asset managers will not talk to individual agents or buyers. You would be better off trying to get in touch with the current owner and negotiate an offer for short sale. Otherwise you will have to wait for the Bank to list it with an REO Listing agent, if they in fact pursue that course. A lot of banks are considering bundling foreclosures and selling them to investors in bulk. In fact the government is encouraging this plan. If they do that you won't have a chance of purchasing the home as the investors will more than likely rehab the home and rent it out or resell it at a profit. Even if the bank does list it with an REO agent, it could be years before the home actually goes on the market. I have watched homes in my own neighborhood sit empty for two or three years and they are STILL not listed for sale. And on top of all that, if the home is not vacant, the homeowners may be trying to work out a mortgage modification which could delay the foreclosure auction indefinitely.

The best thing you could do for your clients at this point is to either try to contact the current owners and offer to purchase the home as a short sale, or advise them to consider other homes.
0 votes Thank Flag Link Sun Jan 15, 2012
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