Wells Fargo, based in San Francisco, is one of the largest banking and financial institutions in US. It was founded in 1852 by Henry Wells and William Fargo. It has thousands of banking centres with a network that spans the entire country.
Wells Fargo REO properties are quite regularly sold at below market prices. A number of bank owned reo homes are available on the website of Wells Fargo.
Rising inventory of REO Homes at Wells Fargo
Wells Fargo became one of the top three financial institutions in the country after it acquired the troubled Wachovia Bank during the days of financial crisis in Oct, 2008. This acquisition also propelled the numbers in the Wells Fargo’s portfolio of REO homes to new heights.
The huge supply of homes offered for sale by Wells Fargo has been growing to unprecedented levels due to the financial crisis, credit crunch, falling home values and borrower payment defaults.
Every bank and lending institution handles the processes related to their handling of reo properties differently. Some of the banking institutions manage their reo home inventory through their internal reo asset management department and some outsource the entire process to an outside vendor. Wells Fargo REO properties are handled by their preferred asset vendor – Premiere Asset Services.
Premiere Asset Services or PAS, which is headquartered in Frederick, MD., manages and markets all REO properties instead of Wells Fargo REO department. PAS is the DBA name for Wells Fargo Home Mortgage that actually looks after all the aspects related to maintenance and sale of bank foreclosed homes. Homes that were once part of Wachovia Bank REO can also be found on the PAS REO site.
Search Wells Fargo REO Property Listings
Investors and home buyers can find profitable deals by doing a property search on Wells Fargo REO website. The reo property search page needs the input of a few real estate specific parameters to display appropriate REO listings. In addition to home search based on the geographic specific criteria such as city, state and zip code, other relevant criteria related to price range, no. of bedrooms and bathrooms can also be used to narrow down the number of options. All the Wells Fargo REO homes that match a specific search can also be downloaded in excel format.
The reo alerts section allows interested property purchasers to receive timely alerts through email. Whenever a property that fits pre-defined criteria becomes part of Wells Fargo REO listings, an instant email is dispatched. These alerts help an investor stay on top of under-priced residential properties in their area of choice.
In addition to residential properties, commercial real estate properties can also be found on the site.
Guidelines for Offers on Wells Fargo Owned REO Homes for Sale
• All purchase offers made on REOs to Wells Fargo get due response in a timely manner. They are followed up with either an acceptance of the original offer or a new counter-offer.
• Any and all offers made on Wells REO homes must be made through a qualified listing agent on the property.
• Local market conditions and property condition should be factored into offer price.
It is actually not difficult to find a good bargain on a lovely bank owned reo home, provided the buyer equips himself with good knowledge of all the steps and processes involved. Wells Fargo REO listings are a great avenue for the savvy investors who learn all aspects of buying reo homes, and stay on top of any potential issues that are bound to come up.