Wells Fargo REO: Information related to buying REO properties owned by Wells Fargo Bank
Wells Fargo Bank offers a complete array of financial services to its customers in USA. The bank continues to be a major participant in the residential lending sector. Wells Fargo REO properties consist of the foreclosed properties that were repossessed after a foreclosure auction. Wells Fargo foreclosures and bank-owned properties are quite regularly sold at unimaginably low prices with significantly better terms.
When consumers take out mortgages on either their primary, secondary or investment property, they are obligated to make their regularly scheduled monthly payments. The extact terms are stipulated in the documents they signed at their mortgage closing. If the borrower fails to make their payments for an extended duration, the note-holding bank or mortgage lender generally initiates foreclosure proceedings. If the borrower doesn’t work out an agreeable repayment plan or come up with enough funds to cover the backlog payments, the property is auctioned off at a foreclosure auction conducted by the local county office.
In the event of non-sale due to lack of bidding interest by buyers or due to lack of any bids above the mortgage holder’s reserve price, the property becomes part of the foreclosing bank’s inventory of repossessed homes. Such repossessed homes after foreclosure process are commonly referred as REO. REO stands for Real Estate Owned or Bank-owned Real Estate. Real estate investors can find good deals in the inventory of Wells Fargo REO Properties.
A number of services charge a monthly fee to provide access to distressed property listings that includes pre-foreclosures, auction scheduled properties and repossessed reo homes in a given area. Thankfully, one doesn’t need to shell any bucks from their pocket, if they only wish to access Wells Fargo REO listings. The bank’s website provides their entire reo property listings for free. One can do a comprehensive reo home search based on location, price and specific property features like number of bedrooms, bathrooms and size.The information of the listing agent handling the specific reo listing is also shown, along with the bank’s specific instructions and guidelines pertaining to offer submission and acceptance.
Every bank manages its inventory of repossessed residential reo homes in a different way. Some choose to handle all aspects through their own internal reo departments, while others prefer to outsource to an external distessed asset management company. Wells Fargo bank owned properties are entirely managed by an outside company called Premiere Asset Services or PAS. PAS exclusively handles the entire inventory of Wells Fargo REO properties.