REO properties

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Education
Frequently asked questions

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.
Fair Housing Education. Wells Fargo provides complimentary Fair Housing training information to real estate professionals, as well as to the public. If you would like to receive this information, please call 1-877-617-5274.

Get an REO purchase guide for your clients (PDF*).

Wells Fargo process overview
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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. 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 1 through 7: 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: Buyers must submit a prequalification letter from Wells Fargo or any other lender. If Wells Fargo is chosen, the prequalification letter may be requested from a Home Mortgage Consultant or by going online at www.wellsfargo.com. Letters obtained from Wells Fargo are provided at no cost to the buyer. 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 1-877-617-5274.
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.

What conditions are the properties in?
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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.

Are all your homes sold in as-is condition?
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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?
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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?
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To avoid delays, be sure to include all requested documents with the offer. All offers must include one of the following:

Buyers must submit a prequalification letter from Wells Fargo or any other lender. If Wells Fargo is chosen, the prequalification letter may be requested from a Home Mortgage Consultant or by going online at www.wellsfargo.com. Letters obtained from Wells Fargo are provided at no cost to the buyer.

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?
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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?
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Due to lower volumes of foreclosed properties, we aren’t currently adding agents.

Please submit all offers to the listing broker/agent. To report any concerns with a listing broker/agent, or to report any property condition or other concern needing escalation (including concerns related to a previously submitted offer), 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

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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.

Wells Fargo process overview Show Details

What conditions are the properties in? Show Details

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

Is pricing negotiable? Show Details

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

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

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