Successful real estate investing involves the ability to find great sources of property deals on an ongoing basis. One such consistent and profitable source is bank reo listings at major banks. A number of undervalued residential homes can be found among Wells Fargo REO properties offered for sale by PAS, its reo management partner.
Real estate investors and home buyers can seek to reliably profit from dealing with distressed properties such as foreclosures and bank repossessed reo homes from Wells Fargo. Properties that are owned by Wells Fargo after foreclosure proceedings are handled by its reo department. Some major banks choose to handle all aspects regarding their REO inventory through their internally constituted reo department, while some others employ the services of reo asset management companies.
Wells Fargo REO department plays an active role in the maintenance and selling of its roster of reo homes. Premiere Asset Services is the DBA name for Wells Fargo Home Mortgage, which is the legal entity that owns and manages Wells Fargo foreclosed homes.
The number of homes that become part of Wells Fargo REO rapidly rose since its acquisition of Wachovia Bank in 2008. Wachovia REO department’s properties are also handled by Wells Fargo’s own asset management division. The scale of the reo department’s operations also grew to keep up with the new flood of homes
For REO property investors, effective engagement with Wells Fargo bank’s reo department is vital to clinch the deal. The entire list of bank owned residential reo homes can be found among the 1000s of reo property listings found on PAS REO site. After locating an ideal property, the purchase offer must be submitted to the department responsible for handling bank foreclosed properties.
Wells Fargo, like other banks, bears costs while it holds on a property. It bears the expenses related to maintenance, in addition to bear local taxes. This situation is one of the primary motivating factors for Wells Fargo’s REO department to try to make any offer it receives to work. All the offers submitted to it are given due consideration with outcomes that may or may not lead to the acceptance. REO agents who are well versed in dealing with bank owned property offers are well suited to assist the real estate investor in making the right offer.
Wells Fargo REO Dept. Contact Info
866-518-2164 (Phone Number)
M-F, 9 a.m. to 6 p.m. (Timings)
Local time (Nationwide)