Bank REO Property buyers and investors can discover great deals among the many foreclosed properties from the Wells Fargo REO Listings. REO property hunters on Wells Fargo REO site can select among a wide range of reo properties. All the REO inventory owned by the bank and listed can be found through Wells Fargo REO listings search page. An interested property buyer can basically filter according to the state, county and zip code they are interested in. This is one of the best ways to find your desired property from Wells Fargo Bank owned homes.
The process involved in buying a REO home from Wells Fargo is quite similar to that involved in other residential real estate transactions.Purchase offers and contract negotiations are handled by an approved REO listing agent. The internal REO department responsible for negotiations reviews any purchase offer submitted through their approved listing agent. Based on their evaluation criteria, they may agree or reject the offer, always in writing.
It’s generally the responsibility of the Wells Fargo listing agent to inform the buyer’s agent regarding the current status of the submitted reo purchase offer. It is common for the REO listing price to be comparable to other similar properties in a given locality, however it must be kept in mind that the bank will more often, than not, is interested in quickly selling off the property, especially when they have a mounting REO inventory.
All the Wells Fargo specific terms and condition related their REO listings can be learned through the agent handling the bank’s listing. The buyer needs to be prudent while making a binding offer on a reo property owned by Wells Fargo.
Wells Fargo, like other banks that hold reo inventory, sells their REO properties in “as is” condition. They don’t make any warranties regarding the condition or repairs. A thorough inspection of the repossessed REO home must be done before proceeding to enter into a contract on a Wells Fargo owned REO listing.