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REO properties



Our approach
We want to see foreclosure properties become owner-occupied homes whenever possible. Real estate agents play an important part in this process, so we support you in a number of ways, including:
  • Maintenance and repair: You are engaged in all decisions regarding the repair of properties. We also rely on you to ensure basic maintenance is completed, such as regularly mowing grass and removing snow from paths and sidewalks. We take your feedback seriously when repairing and marketing every property.
  • 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.

light bulbWe want your client to be comfortable and confident with their decision to place an offer on an REO property. Therefore, we will not review any offers placed during the first seven days of the listing. This allows your client some time to complete thorough due diligence prior to placing an offer.
Our calendar includes the following:
- Days 1 through 7: we don't consider offers.
- Days 8 and beyond: we consider all offers from all buyers.
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, unless otherwise specified.
  • 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.
Contact
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:1-877-617-5274
See Hours >

If you are interested in becoming a Premiere Asset Services listing agent/broker, please contact PASAGENTS@wellsfargo.com for additional information.


 

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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.



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