Before you decide to purchase a foreclosed property, it helps to educate yourself so you have realistic expectations.
A joint venture is a Wells Fargo affiliate
The Neighborhood Assistance Corporation of America (NACA) is a nonprofit organization that works to create strong neighborhoods by promoting affordable housing.
Specific mortgage amount
Based on a preliminary review of your credit information
What should I consider before buying a foreclosed property?
Answering the following questions before buying a property can help you to be better prepared.
- Be sure to think about why you’re purchasing a property. Refining your purchase objective can help you think through additional purchase considerations.
- You also might want to consider what features you’d like in the home. Consult our Home Wish Checklist for ideas.
- Are you looking for a move-in ready home or are you willing to make repairs?
- Some properties require attention to make them move-in ready. We often paint, replace carpeting, and install appliances before listing a property for sale.
If you’re interested in a handyman special that needs repairs or remodeling, our Purchase & RenovateSM loan lets you conveniently combine home improvement costs with a mortgage. Benefits include:
- Increased financing potential. Because your loan amount is based on the home’s value after improvements are made, you might qualify for more.1
- Lower monthly payments. Renovation costs are spread throughout the entire loan term, so your monthly payments may be lower than other financing options.
- Speed. You can begin improvements right after closing.1
- Tax deductibility. Interest may be tax deductible (Consult your tax advisor on the deductibility of interest).2
- Talk to a knowledgeable REALTOR® to research recent sale prices of local houses.
- Get an estimate of improvements. Search the internet for information about home improvement costs for your region of the country, as these numbers vary.
- Add your improvements to the estimated value of your home to make sure you don’t over-improve. When it is time to sell, it will be easier to recoup your costs if your home is comparable in price to other properties in your neighborhood.
- Consider how long you intend to live in a home, the time and effort required for your renovation, the availability of other homes in the area, and where you’ll live during the improvements, if necessary.
You can find our REO properties with the property search
page. It lets you:
- View listings within a state by the desired city or county.
- Search within a price range, and for the desired number of bedrooms and bathrooms.
- See property descriptions and photographs.
- Contact the listing agent for additional details or to arrange to view the property.
Get new listing alerts by email
Find out whenever new properties meet your search criteria or prices change. Here’s how to sign up:
- Go to the REO Subscription Service page and select Subscribe.
- Enter your name and register your email address.
- Specify your property search criteria, including city, state, and other desired property details. You can set up multiple property searches and receive new home updates in one daily email.
- To change your search criteria, enter your log in information.
- To get contact information for a listing agent or mortgage consultant, view the property details page.
Learn how we’re helping to stabilize communities on our Community and Homeowner Support