web analytics

Banks retain the residential homes and commercial properties that fail to sell at a foreclosure auction.  A reserve price is usually the threshold that a bidder needs to beat in order to acquire a property at the auction. When a bid is below this reserve threshold, the sale of the property depends on mortgage lender’s discretion. They can either choose to sell off the property at the lower bid or repossess it. Such repossessed or repo properties are generally referred to as “Real Estate Owned” or “REO”. These properties are usually managed and handled either by an internal REO asset management department or outsourced to REO vendors who specialize in specific functions.

REO Asset Management Department at Deutsche Bank

Deutsche Bank outsources the entire process beginning with foreclosure proceedings on a borrower in default to selling the REO property, to external REO asset managers. So, the properties are not handled internally by Deutsche Bank REO department.

REO properties accrue expenses on an ongoing basis for the bank, till the time they manage to sell it either as an individual listing or part of any bulk reo package. After the foreclosure auction, the previous owner who defaulted on their mortgage is evicted. These foreclosed REO homes are usually in bad condition and they, more often than not, need to be cleaned and maintained while part of the bank’s REO inventory. Property taxes need to be paid for the duration of the bank’s ownership.

In addition, there are also expenses related to selling off the property through real estate listing agents.  Real estate investors and home buyers looking to acquire Deutsche Bank owned REO homes need to contact either Deutsche Bank asset manager or contact the Deutsche Bank approved reo listing agent, handling the property.

To signup as an approved REO listing agent, getting in contact with the Deutsche Bank asset management vendors is necessary. As many agents compete to list REO properties in their area, the ability to get in touch and work with REO asset managers is paramount to succeed as a real estate REO broker. Developing good contacts, through referrals or through persistence on the listed contact numbers, with Deutsche Bank REO asset department is one of the effective ways to get started. Other ancillary services such as broker price opinions (Agent BPOs) are also assigned to agents previously signed up with them.

When REO process is outsourced, the banks may engage multiple asset managers depending on the area where the foreclosed REO home is located. Sometimes, they outsource the REO default services to multiple vendors with in a same geographical area. So, it may be necessary to contact them all to be the preferred agent for Deutsche Bank REO listings in your service area.

One Comment to “Deutsche Bank REO Asset Management Department”

  1. […] Deutsche Bank REO Asset Management Department […]

Leave a Reply

Time limit is exhausted. Please reload the CAPTCHA.