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REO Properties

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Joint Venture

 
A joint venture is a Wells Fargo affiliate
 
 
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NACA

 
The Neighborhood Assistance Corporation of America ("NACA") is a non-profit, community advocacy and homeownership organization.
 
 
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Add your Improvements

 
Some projects — such as windows, roofing, or improved plumbing and electrical systems — may do little to add value to a home because they are expected to be standard in any property.
 
 
Lightbulb icon   We repair most of our properties so they’re easier for you to sell and your clients to finance.
Our approach
We want to see foreclosed properties become owner-occupied homes. Real estate agents play an important part in this process, so we support you in a number of ways, including:
  • Maintenance and repair: If needed, we prepare properties for sale by painting, replacing floors and carpets, and even installing new appliances.
  • Prompt responses: We respond to offers within two business days. If there are multiple bids on a property, the process may take longer.
  • A unique financing option: Financing options do exist for customers who want to buy and renovate a home. For example, our Purchase & RenovateSM program allows your clients to finance both a mortgage and home improvements in one loan. Talk with your Wells Fargo home mortgage consultant for more information about this program and other choices.
Get an REO purchase guide for your clients (PDF*).

  Wells Fargo process overview Show Details

 
Preparing an offer The buyer’s agent should discuss any offers with the listing agent. The listing agent will explain any required documentation, such as a fully executed contract or proof of funds/financing.

We price our properties in line with the local market and expect them to sell at market value. As with any property listing, our asking price considers the home’s condition as compared to the local market.

Lightbulb icon    If your client wants to buy a property to occupy as a main residence, you’ll be able to make an offer on a    Wells Fargo property during our special Homebuyer Priority timeframe. The Homebuyer Priority period allows prospective owner-occupants to have their offers considered before investment buyers.

Our calendar includes the following:

  • Days one through seven: We list properties, but don’t consider offers.
  • Days 8 through 15: Under the Homebuyer Priority timeframe, we consider offers only from prospective owner-occupants, nonprofits, and the Neighborhood Stabilization Program (NSP).
  • Day 16 and beyond: We consider offers from all buyers, including investors.
Making an offer Make sure to include a fully executed contract and any other requested documentation. All offers must include one of the following: Cash buyers don’t need a prequalification letter, but may be required to provide proof of funds.
Offer responses Offers submitted to the listing agent will receive an acceptance or a counter-offer within two business days. If there are multiple offers on a property, the listing agent will notify all bidders and ask for highest and best offers.

If you haven’t received a response to your offer from the listing agent, you can call 1-877-305-8925.
Accepted offers
  • Encourage your clients to arrange for a home inspection from a qualified inspection professional. If the inspection uncovers a problem, we’ll consider further negotiation.
  • If your client is financing the property with Wells Fargo, we’ll order an appraisal.
Preparing for closing
  • Wells Fargo guarantees clear and marketable title on all properties.
  • We start the title search before even listing a property. In most cases, we can clear the title by the time we enter into a contract.
  • We set realistic and reasonable closing dates to reflect our title guarantee and to reflect the buyer’s type of financing.
  • If any issues remain, we’ll work with the buyer’s agent to set a new closing date.
  • If the appraisal or other underwriting issues occur, we’ll consider further negotiation.
At the closing
  • We’ll work with the buyer’s agent to decide on a closing location.
  • The listing agent will be present to represent Wells Fargo at the closing table.

  Financing information for foreclosed homesShow Details

 
The Purchase & RenovateSM program helps buyers finance a mortgage and home improvements in one loan. The loan is available for REO properties and traditional-sale homes. Because the loan amount is based on the home’s value after closing, buyers may qualify for additional funds. Since the home improvement costs are included in the loan, buyers can begin renovation efforts immediately after closing.
Features
  • One loan to purchase a home and make renovations or repairs
  • Conventional or FHA 203(k) loan options
  • Available with a fixed- or adjustable rate.
  • Includes single-family, one-to-four units, planned unit developments, and condominiums.
Benefits
  • Increased financing potential: The loan amount is based on the home value after improvements, so buyers may qualify for more funds.1
  • Lower monthly payments: Costs are spread throughout the term of the loan, so customers’ monthly payments may be lower than with other financing options.
  • More choices: Gives buyers the opportunity to look at properties they wouldn’t otherwise consider, such as REO homes or properties that need significant repair.
  • Speed: Customers can start improvements right after closing.
  • Tax deductibility: Interest may be tax deductible.2
Myth: My buyer cant get financing for a foreclosed home that needs repairs. Truth: Your buyer can purchase a home and finance repairs with one loan from Wells Fargo
Considerations
  • Financing may not be available for luxury items, such as a hot tub, pool, or spa.
  • The Purchase & Renovate loan requires that buyers hire a contractor.

  What condition are the properties in?Show Details

 
We want to provide properties that buyers want to live in, so we evaluate each home and repair many of them. If needed, we paint, replace carpeting, or even install new appliances.

If a home needs further repairs or renovation, buyers can apply for a Purchase & RenovateSM loan. This unique option allows customers to finance a mortgage and home improvements in one loan. The Purchase & Renovate loan also considers the home’s value after improvements, so buyers may be eligible for additional financing.

  Are all your homes sold in as-is condition?Show Details

 
We make a significant effort to maintain and repair the vast majority of our properties. Encourage your clients to arrange for a home inspection from a qualified professional. If the inspection uncovers a problem, we’ll consider further negotiation.

  Is pricing negotiable?Show Details

 
Yes. We use comparable local properties to set prices, but we consider all offers sent to a listing agent and negotiate as appropriate for the market.

  How can I submit an offer on a property?Show Details

 
To avoid delays, be sure to include all requested documents with the offer. All offers must include one of the following:

Cash buyers don’t need a prequalification letter, but may be required to provide proof of funds.

  How long does it take to get a response to an offer?Show Details

 
Offers submitted to the listing agent will receive an acceptance or a counter-offer within two business days. If there are multiple offers on a property, the listing agent will notify all bidders and ask for highest and best offers.

The listing agent will request additional information if necessary and can also provide status updates on offers.

  How can I become one of your real estate agents?Show Details

 
Due to lower volumes of foreclosed properties, we aren’t currently adding agents.
Contact
To report any concerns with a listing broker/agent or to report any property condition or other concern needing escalation, please call:
(Please note: We’re not adding agents to our network at this time, but we do appreciate your interest.)


  1-877-617-5274
  See Hours
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1 The interest on any portion of credit greater than the fair market value of your property is not tax deductible for Federal income tax purposes. You should consult your tax advisor regarding the tax deductibility of interest and charges.
Equal Housing Lender