Anyone interested in buying an REO property from Wells Fargo tries to get in touch with the bank’s REO department to express their interest. Quite soon, they will discover that it’s difficult to directly contact the REO department at Wells Fargo due to their significant inventory of repossessed homes. One may have to wait for the bank to actually list the property on the market in order to get more details about the particular reo listing agent handling the specific Wells Fargo Owned REO home.
Even if one actually gets in touch with someone from the Wells Fargo’s internal asset management department, they may not be able to offer any further info on the repossessed property right away. After a property is sold back to Wells Fargo after the foreclosure auction, it may not get listed immediately as there may be other intermediate steps involved before it becomes part of their inventory of REO properties.
Some investors and home buyers try to contact the bank to make an offer ahead of anybody else, in the hope of striking a good deal. To their frustration, they learn that it is almost impossible to get through to anybody that may be able to help them know more about the reo property they are interested in.
The exact time frame that Wells Fargo takes to list their foreclosed properties back on the market is not known. Different lenders and banks have different procedures when it comes to the manner in which they handle their foreclosed REO inventory. Some lenders take less than a week while some take a few months to list. Wells Fargo, like other banks with REO homes, usually doesn’t start accepting purchase offers immediately after listing it. They choose to wait for a period of time before they consider any offers made on a particular property in their inventory.
Wells Fargo doesn’t have an internal reo department to handle the REO listings they own. They engage the services of Premiere Asset Services, a reo asset management company, owned by Wells Fargo, but set up as a separate subsidiary.
PAS handles pretty much all aspects related to Wells Fargo REO properties.
Real Estate agents who may be interested in getting REO listings from Wells Fargo must contact PAS to become an approved agent. According to PAS, they already have a huge backlog of agents who have signed up, but waiting to become approved.
A common and widely prevalent misconception among investors is that banks directly sell their REO homes directly to buyers. They usually don’t, especially the large banks with thousands of listings as Wells Fargo. There are several reasons for this. First of all, the bank might merely be a servicer on the loan, and doesn’t actually own. The investor or entity that actually holds the mortgage note makes the final selling decisions.
Banks have grown quite vary of fraud after the recent financial and credit crisis. As a precaution, many large banks don’t engage directly with an ordinary buyer or investor. Only large investors that can actually buy a huge number of properties in bulk are the only entities that may get through to bank’s internal REO department. These days they either sell the REO properties in bulk, or sell them through pre-approved agents and brokers. So, the only option for a buyer to purchase directly from Wells Fargo, or any other large bank, is right at the foreclosure auction, or through a short sale.
Wells Fargo REO department doesn’t exist, at least as commonly perceived. PAS is the entity that manages all Wells Fargo REO listings. So anyone interested should contact them for all their REO related queries. Even PAS is not known to engage directly with buyers. They engage the services of qualified real estate agents to deal with buyer offers and queries. So wait for the property to be listed on the market,and then proceed to act swiftly.
The following is the contact info for Wells Fargo REO Department: