How to contact Deutsche Bank’s REO Department
Please Note : You are reading Blog #3 in a series of articles about Deutsche Bank. Please review the other articles, as they may answer any other questions you may have that this particular articles does not cover.
Part #1 The long search for a deal
Part #2 I Did It!
Part #3 How to Contact Deutsche Bank’s REO Department
Part #4 Other Notes About Deutsche Bank
*Notice – I do not work at Deutsche Bank, or any other bank*
Well , after receiving about 50+ Emails from various individuals, I figured that I’d share the information with EVERYONE instead of just keeping Deutsche Bank’s contact information to myself.
PLEASE read through the rest of the post so you’ll understand what to do when you call them.
Deutsche Bank is a BIG BANK , They’re absolutely huge, and because of this, they normally would have a huge REO Department too. Well Dutsche bank does have a big REO department, but you can’t contact them directly, I’ve been told by a few people that no matter what the REO department can’t be called from an outside source looking for information.
So, having said that, there IS a way to get information regarding REO Holdings that Deutsche Bank Has, and it’s the ONLY Source I know of to do so.
They have a call center in California that you can contact concerning KNOWN properties that may be in their REO portfolio. Deutsche bank DOES NOT have a list of REO properties, and no matter how hard you try, you simply can NOT get a list of their properties.
Deutsche bank OUTSOURCES 99% of their REO Portfolio , that means when you’re on the various websites that list foreclosures, those websites will have Deutsche REO Assets on them, but it may vary by state. In my state of OHIO , Deutsche bank outsources to Litton Loan Servicing and First American REO Servicing. In the past they Worked with California REO Marketing, which was a great company to deal with, but unfortunately they no longer work with them. Deutsche Bank also outsources to other lenders and has them service the loans, I’ve run into HSBC, Indymac, CITI and Chase assets that Deutsche Bank has purchased, and then had them service. This can potentially break up the servicers of these properties into dozens of potential companies.
Now realize, when you contact Deutsche Bank’s REO Department, they will REQUIRE you to fax/mail a deed of trust or a mortgage assignment to their REO Department. If they can locate the particular asset, they will respond with a fax to your designated number with the SERVICING information, from then you MAY be able to contact them.
Please realize, that once you contact the servicer of the property, there is a somewhat small chance they will sell the property to you directly. Once the property is in the REO portfolio , it immediately goes out to an Asset Management company. The asset management company then usually hands the property off to a Realtor that services the area in something called a “Pre-List” Once it’s in pre-list, it’s usually locked up with that agent. It’s the agent’s job to get the property winterized, re-keyed , evict, perform a CMA , and other associated things with preparing a property for the market.
Now this doesn’t mean you can’t buy an asset from the bank without avoiding the Realtor’s commission, which is why MOST people are trying to talk to the bank directly.
What I want you to realize is that dealing with a Realtor IS NOT A COST, IT IS A BENEFIT to you as a interested party of a foreclosure.
If you take the cost breakdown of a REO property, the commission is usually one of the smaller parts of where the money goes in the transaction.
Let’s take a property that I sold in 2007 that was a REO , and I kept tabs on through the whole foreclosure process.
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Property is purchased on 10/26/2004 with a $74,000 30-yr Mortgage at a 6% Interest Rate.
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Property owner for one reason or stops mortgage payments around 8/1/2005 .
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Lender files for a foreclosure motion on 1/4/2006
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Foreclosure action , filings and things complete on 12/28/06 with a sheriff sale date
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Lender buys back property on 1/23/2007
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Lender Pre-Lists property around February 1st 2007
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Lender paid repairs take time , and property is listed for public sale March 20th 2007
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Property is put under contract quickly , and settles April 26th 2007
The whole process for the lender took a YEAR and 3 MONTHS from start to finish, here are their costs to sell the home (Some estimated, some are actual).
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$7426.90 In Lost Note Interest
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$2500 (Est) In Lender paid repairs resulting from the foreclosure
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$5000 (est) In Legal fees over the year
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$4270 In Real Estate Agent Commissions
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$1500 In Title Charges/County Transfer and other Misc Costs
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$2000 In Asset Management Costs
Now , we won’t go into the loss the bank took , but if you look at the various costs, the real estate commissions were only about 20% of the total costs to the lender. In addition , the figure I used for legal fees was VERY conservative, the legal fees could be as much as $10,000.
Now, I’m not saying you ALWAYS need to wait till it’s listed to get a deal, but what I am saying is there’s alot of headaches along the road to try and undercut ONLY save on the agent commissions.
What I want you to consider is , if you really want to get a deal, and you’re spending all this time trying to find Deutsche Bank’s REO listings before the agent gets them, you might as well learn to do owner bailouts and sidestep most of those other fees as well.
Now, if I’ve convinced you that it can be a headache to try and track down all these REO servicers, and spending alot of time. I highly recommend you let me set you personally up with a professional in your area that deals with all this REO mumbo-jumbo on a daily basis and guide you through the steps. They’ll pay for themselves quite quickly .
If you’d like to do that, Email me : Brandon.Schlichter@RealLiving.com , or if you’re in the central Ohio area, go to my website at www.RealEstateCircleville.comand contact me. It’ll be alot easier than calling asset managers all day and trying to find out who owns that one house.
Now , if I haven’t talked you out of calling Deutsche Bank’s REO department, AND you understand how the process works now….
The contact number is 714-247-6000, you will get a receptionist, ask for the “REO Hotline” and she will connect you with a voice-mail + Pre-Recorded message on instructions to fax the deed of trust/mortgage assignment to a fax number. Once you do that, you SHOULD have the information in a day or so, I have not yet been told by individuals if they receive a response if the information is wrong. From my understanding at this time, DB will NOT contact you if the information was incorrect, you’ll just have to try again.
Please understand, this is to get information about their pre-list REO properties (Although they will most likely send information on those listed too). As of 8/7/2008 I have no means to get a human being at the REO department, I’ve had dozens of individuals email and call me on the phone to ask to speak to a live human at Deutsche bank, and so far, no one I know of has had luck.
As I’ve told many people, if you want to talk to a human being at their REO department, you will have to visit them in person.
****UPDATE****
I have had several people comment that the number I provided was invalid. I’ve tried the number 3-4 times over the past 2 days, and I’ve determined the problem……..DB Is on the WEST COST with a 3hr time difference, you can only call 9-4 M-F PST , any other times and you’ll get the recording asking for a extention. Otherwise you *should* get a live person at the bank.
Are you looking for a list of Foreclosures/REOs If you are, I have a MASSIVE database of REO specialists all over the US that would love to give you a real-time list of what’s available in your area. Send me an email at Brandon.Schlichter@RealLiving.com and I’ll set you up with a Licensed Professional that will help.
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I am a realtor in grass valley, ca. there is a property located 15757 Limerick ln. grass valley, ca. 95945 which isa owned by Deutsche Bank. I have a client which is interested in this property. At this time there is no listing for sale of this property. Can you put me in touch with anyone that can sell this property? I have sent a request to become a listing agent with Deutsche Bank with no response to date. Thanks for the opportunity contact your bank. Dennis Hicks ASM Realty
thank you so much for taking the time to inform this vital info.
i am an agent in N. California.
tamara nadarajah
Thanks so much!
I’m looking to list a property just down the road from me
I’ll give this a shot.
Thank so much for writing this up – I learned a lot!
Deborah Gafill
Coldwell Banker Harbor Springs
gafill@core.com
Brandon,
Thanks so much for sharing! Very well explained.
Randi Clites
Ohio Realty Group
I called the number you have listed and it is a voice recording and you have to have a exstention number.Please email methe number thanks
looking forward for your good response god bless u
Thatnks for that great info. I am a realtor with Remaxsw and would love for you to give my name out to anyone needing REO services in the Houston, Texas area.
Hello. Your blog was very interesting, a lot better than the all fluff and no substance articles in the media about foreclosures. However, I had the same problem someone previously mentioned, “I called the number you have listed and it is a voice recording and you have to have a exstention number.Please email methe number thanks”
Could you also please e-mail me the extention, or update your blog with the accurate #. Thank you and thanks for your articles.
Please email me the extension number to the REO Hotline, there is no receptionist as your article states.
Thank you,
Clayton
I also would like the extention to the REO Hotline.
Thank you so much.
This is a very good blog. Thank you. I am a Housing Counselor with the Mortgage Payoff Foundation specializing in Foreclosure Prevention and I’ve been trying to reach a Loss Mitigation or Workout Department with Deutsche Bank for over 2 weeks. Their receptionist does not seem to want to help me reach the department she simply transfers me to the machine. Do you know if Deutsche Bank has a division in charge of Workouts? It’s just hard to fathom that they simply let people go into foreclosure without communicating with them. When the property owners come to us they have neither a deed of trust or mortgage assignment. They are simply behind on their mortgages and want to stay in their homes. Any information would be helpful.
Hi,
Do you know how long it takes Deutche bank to answer on a multiple offer situation if if you have an all cash offer and close to asking price.
Thank you
Great post and great information, I really like how you tracked a propert you personally sold that went from being behind in payments all the way through to the sale on the other end of the foreclosure. Interesting to see that process!
My husband and I are trying to make an offer on a Deutche REO property in central california. I would also like the extension of the REO hotline. Thanks!
Thank you very much for sharing this information. I greatly appreciate it!
I NEED A LIST OF REO HOMES IN INDIANA.
ALSO, I HAVE A CASH BUYER FOR 2126 S 480 W WEST MIDDLETON, IN.
PLEASE ADVISE WHO I SHOULD FORWARD THE PURCHASE AGREEMENT TO.
THANKS NANCY BURTCH 765-452-2523, FAX 765-868-9937
How do I get a copy of the deed of trust to fax them if I can’t contact the owner who was foreclosed on?
Thanks,
Marla
Hi Thank you, for the info. I have found the agent who is going to list a deutsche bank they have a sign posted, any problems to contact this agent. I have contacted this agent and there reply was watch for the it in the MLS (tempo) thats are listing input for Ca, its been over 3 weeks and still not on the market. I have a buyer who wants it, and the agent will not return my e-mails for status. Any suggestions would be appreciated. Thank you, Loriann Giacalone Independence Reatly
Good morning,
I am located in the Central Coast in California. I did have a lot of transaction under my belt, represnting buyers, sellers, investors but I don’t have any REO under my belt.
I went to check IndyMac, Chase and all major lenders,,,,REO site and they all required to get at least 5 REO previously done before.
So, how Can I get into the first few REO?
Thanks,
Christian
Brandon,
Thanks for the information. I have spent all day trying to find this number. I appreciate it, I was about to say forget it and start drinking.
Loss Mit Man in Tampa
P.S. The number works
You’ll need to contact your county’s Recorder of Deed’s office and purchase either the deed of trust or assignment of mortgage. In Cook County, IL, these documents may be ordered online for 50 cents. You do need the property’s PIN number.
I was able to fax Deutsche Bank’s Property Inquiry department the assignment of mortgage and they faxed back the servicer information the next day. I called the servicer, Impac, and they said that the bank that was assigned the mortgage, Countywide, would contract with a local broker to list the property.
So, after all the research and work I went through, it turns out I just have to wait for the property to be listed.
While I wasn’t trying to avoid a real estate agent’s commission, I just wanted to make sure I didn’t miss out on the property.
Hi Brandon,
First of all I appreciate your input on trying to help out your fellow Realtors’. The question of the year “How do I get into the REO listings”. One of my partner is getting a few from Countrywide and is not a go getter. I am working with a lot of REO buyers but would rather get the listings, I also have the team in place with a lot of experience. I am in the San Fernando Valley part of Los Angeles County and would be willing to work a partnership with any out of town Realtors who have REO connections. Any advice.
Chris Smith
818-434-1672
Hello Brandon,
You are bless in taking this time to explain about REO’S.
I am a realtor at century 21 excellence in California, I would love to have REO’S listings, since I am working with short sales listing’s and see how dificult to sale. I have many qualified buyers but unfortunally my offers are denied many times from REO”S agents, they said there is a higher offer, but I dont’ see the listing pending,I am facing a very dificult situation but i don’t want to give up, I been in a rea estate for 6 yrs. Can you or somebody tell me please how can I been hire from a BANK an became an REO specialist.
Thank you for your help!!! and good luck to all agents who work hard right now
Wow, thanks for the great information!
Scott Wehnes
http://www.hermannlondon.com
Hello Bradon,
Would you mind providing me the extension number to the REO Hotline for Deutsche Bank. We have a property here in Jacksonville, FL that we are trying to contact the loss mitigation department and have had little success so far.
Thanks.
Chris Chaky
How do I contact Deutsche Bank reo dept as a realtor?
Our condo association has filed a lien against a property owner in Englewood, Florida. How do I contact Deutsche Bank who filed a motion of default?
Hello,
I’m trying to buy a foreclosure in Southern CA. and am not getting a response from the listing agent. I did find out Deutsche Bank is the owner. We have sent an offer to the listing agent but have not received a response. We are trying to reach the bank to see if they have even received it. Would greatly appreciate the ext.# also.
Thank you,
Kerrie
Hello Bradon
I am a REAL ESTATE BROKER I sent an offer on property listed on the MLS more than 2 weeks ago. after 2 days the listing agent called me to ask for highest and best. Since then he never give me an answer to my multiple inquiry. He even told me that “I don’t have to call him.” I am thinking that he did not convey my offer to the seller. I did find out Deutsche Bank is the owner. I am trying to reach the bank to see if they have even received it. And possibly submit it to them directly
Would greatly appreciate the ext.# also or any other number that can help me get to the bottom of this.
Thank you
David
Hi All – I’m a broker at ground zero in the foreclosure crisis, Central Valley, CA. I have tracked several foreclosures and want to share my experience with you. When a property is returned to a lender at trustee sale, the property gets lost in a “black-hole” while all parties of interest, (loan servicer,mortgage loan investor(s), PMI companies,fannie mae, freddie mac, and others)analyse their respective intersts in the collateral property. Until this dicing-up process is complete, the property is not for sale because all parties of interest must authorize the REO department to sell the property. The authorization to sell may or may not be given to the loan servicer that the property was returned to. For instance, say the property was returned to Indymac, it may be offered for sale by Fannie-Mae or FDIC. Indymac, Fannie-Mae, and FDIC have REO’s listed on their Websites. Until the property is listed for sale, it remains in the black-hole and nobdy will respond to a purchase offer. After the property becomes listed for sale the uphill climb doesn’t stop here. The listing broker will have experience with the nuances of the particular REO department and Asset Manager. Many times the property is listed above current market value and sits on the market for months until the price is discounted (ie. 15% off mortgage value for 60-days, then 25% off for 30-days, then 50% off until an offer is accepted. Keep in mind that 50% off sounds like a great deal, but at 50% off the price is at current market value. I have a recent deal in closing at about a 55% discount off the original loan balance ($298,000 purchase-price)and the current appraisal came in at $300,000). In closing there are some commissions to be earned in listing & selling REO’s, but anticipate dealing with a non-responsive seller and an exhaustive closing timeline. For your resume, sell 5 or more listed REO’s before requesting listings from an REO Asset Manager.
My Best to All
thank you for the information
[...] I have stated in my other post at http://realestatecircleville.wordpress.com/2008/01/29/how-to-contact-deutsche-banks-reo-department20… the only way to get information on individual properties is to send them a fax of the specific [...]
I am a buyer that got to your blog via Google. I have an offer out (I say out because we don’t have a signed contract) on a property owned by DB. My broker said the listing broker said (there seems to be a lot of he said – she said) they have been slow getting a reponse from “the bank”. One of the addendums we signed had a name and title of Asset Manager on it. The addendum came from GMAC ResCap. The name on the addendum is for an Asset Manager with an asset management company here in Colorado. I’ve called her a couple of times and haven’t heard back from her. My broker said it isn’t appropriate for him to call the asset manager because it’s called going “behind the sign”. Although in my opinion, it seems to me that all standard rules and protocol are kind of out the window when it comes to buying a foreclosure. Anyway, I’m guessing that DB owns the property, GMAC ResCap is the servicer and this local asset management company is, well, the asset management company. I’m tired of waiting to hear something. I’ve spend money on an inspection and appraisal and still don’t have a signed contract. We are one week from our scheduled closing. Is it worth while trying to reach DB and or the servicing company (GMAC ResCap)? Should I be freaked out? Too late, I already am. One good thing is that the MLS shows the property as under contract. I’m not sure anyone will respond to this posting but at least I got a chance to vent. Jay M in Denver, CO
Jay M in Denver, I hope this helps you out. I am a REO agent in the Reno, NV area and I have sold many properties that list Deutsche bank on the deed. Contacting the Asset Manager will get you nowhere! It is the listing’s agent job to make sure that you get an executed contract back so you know you are in contract. I would have your broker get on that agent’s case three times a day and insist that agent get you the contract. You may also want to contact the title company that has issued title insurance on the property/sale, they are more likely to have a copy of the executed docs. Goodluck JAY and enjoy your new home once you are in it.
And as for everyone else, YES my REO listings do come from GMAC ResCap.
Your Blog was awesome!
Thank you for the information. I am working with another agent who has international investors looking for 30 to 40 bundled homes in the Phoenix area. I have had nothing but push back from everyone! You’d think they would at least hear me out with 30 to 40 homes on the line.
I appreciate your time in putting the info out there!
Thank you
What is the extention for REO properties located in Kansas City, Mo?
Thanks..!
*edit* There isn’t one…………..did you read the blog?
[...] This article has moved, check it out at : http://www.20yearbillionaire.com/?p=21 [...]
[...] #1 The long search for a deal Part #2 I Did It! Part #3 How to Contact Deutsche Bank’s REO Department Part #4 Other Notes About Deutsche [...]
just kidding that was great!
estate appraisal tampa…
After reading this post, I am not sure I understand what you are trying to relate. Please expand on your thoughts a little more. Thanks Gulf to Bay Appraisals…
[...] #1 The long search for a deal Part #2 I Did It! Part #3 How to Contact Deutsche Bank’s REO Department Part #4 Other Notes About Deutsche [...]
Thank you so much, Brandon. I called the number and got the scoop on how to fax Deutsche Bank. I am giving it a try today.
Jenean Hill, Director, Orange County Association of Realtors, Broker, First Team Real Estate
Thanks for the info, Brandon. I have a different reason for contacting the bank. I wish to file a complaint about an agent that is used to sell there reo properties. The agent is mostly in RI, MA, and FL areas. They specialize in Reo’s. The problem is they have a selct group of “friends” that they save certain properties for, as i am told from a former employee. I myself have made several offers on properties that they are representing, and i never get an aswer, only that “This property is no longer available”….The agent is :Westcott Properties” and the Principal is Joy Riley. this practice is not correct business, and is not legal. They do not represent there clients fairly. I wish to file a formal complaint with this bank, and thier asset management companies.
I would love the information on how to reach Deutsche Bank./ I enjoyed reading your posts. I am a realtor in the OKC metro. Thanks for all of the insight!
I NEED IFO TO CONTACT REO DEPT. FOR DEUTCHE BANK. IAM A REO BROKER WITH REMAX IN LADY LAKE FLORIDA 1-800-552-5269
Brandon, I have reviewed the very informative link that you have scribed on contacting Deutche regarding REO properties. I have a question for you: I have a client who is looking at an REO property which is owned by Deutche Bank since 12/2008. The RE broker that they have choosen is unresponsive to offers and is unreachable by phone, fax, email or physical address. After 48 hours of no response, I am allowed by AZ law to contact the seller. I’m not sure what process I need to follow in order to pitch the bank my clients offer. I can get the county recorder to get copy of the deed of trust, but I don’t see where this is putting me closer to making an offer on the house. Any info or advice would be greatly appreciated.
I am in a contract with Deutsche Bank and escrow was to close 2 days ago. The house we bought had termite damage and the REO agent signed an agreement to pay for any repairs caused by termites & there were termites & damages to eaves and roof. we submitted a request for repairs over 6 weeks ago with no response. How can I contact them or what do I do? We want the house but want them answer us! Thank you for any answers anyone!
I am interested in cleaning out and maintaining REO. I have tried to get a contact for Deutche Bank. If there is anyone who can help or direct me in the right direction, I would really appreciated. I am trying to up this new business up and running, but need some CUSTOMERS! Thanks for your help!
Brandon,
Would you or someone else out there reading this message please share the Fax Number for Deutsche Bank Property Inquiry Department. I want to fax my assignment of mortgage for a client.
Thanks, Sandra
Brandon,
Would you or someone else out there reading this message please share the Fax Number for Deutsche Bank Property Inquiry Department.
Thanks, Sandra