I've been following a REO home for about 9 months now. Made an offer over the summer when I believe it was still technically a short sale.

Asked by Sfitz15, West Roxbury, MA Tue Dec 29, 2009

It was not accepted (my broker wasn't the best atdealing with the seller agent and/or bank). The house has since gone to auction (wasn't able to attend) and from what the auctioneer told me, it was purchased by the bank right around my offer level (not sure if there were any offers or if this is a meaningul figure anymore). The bank is Deutsche Bank Trust and I was wondering what would be the best approach for re-engaging the bank?

Should I get a good buyer's agent or start by lobbing in calls at DB to try and find the REO office?

Thoughts?

Help the community by answering this question:

+ web reference
Web reference:

Answers

3
Janet Peters…, Agent, Carver, MA
Wed Dec 30, 2009
The number the bank bought the property back at auction would be the amount of the loan with that bank.
If there were more than one mortgage on the property, that may have been what caused your short sale to fall thru as Deutsche Bank has been, in my experience, very willing to do short sales.
Your agent, as a buyers agent, is a bit left out of the situation with their hands tied as the listing agent is generally the only contact in the deal, or an attorney, with the bank. It leaves most buyers agents felling helpless in the situation.
The bank should eventually list the property. The bank should have an assest management company that is responsible for winterizing and mowing the lawn etc. If this has been done(I hope so in this weather), there should be a notice posted on the property, if vacant, that lists a phone number and they should be able to tell you the name of the agent that will be assigned that properrty.
I would always recommend a good buyers agent, especially in short sales and bank owned properties!!
I hope this helps and if you have any additional questions, please feel free to contact me at
janetspaulding@remax.net
1 vote
Janet Peters…, Agent, Carver, MA
Thu Dec 31, 2009
Got your email did you get my response.sent via aol.
0 votes
Kevin Vitali, Agent, Tewksbury, MA
Tue Dec 29, 2009
Try to find the attorney or assett management company handling the REO property. I always suggest using a good buyers agent. First of all you can get them to do your work for free and a good buyer's agent can bring many valuable insights to a transaction.

If you still have the auction ad, call the auctioneer and see who hired them. That would be a good place to start.
Web Reference:  http://www.thehousewiz.com
0 votes
Search Advice
Search
Ask our community a question

Email me when…

Learn more