Foreclosure in Apple Valley>Question Details

Berta Ramirez, Renter in Orlando, FL

About an offer to Wells Fargo on a REO

Asked by Berta Ramirez, Orlando, FL Mon Sep 8, 2008

I posted a question on the Apple Valley section not knowing about Apple Valley CA ......My request is for Apple Valley ,MN.....just to mentioned , I got great answers .....I want someone local that may be experiencing the same .....I placed an offer for a REO listing from Wells Fargo around a month ago, I found out Friday that my offer is the only offer on the table, every time I ask the realtor, she says that she has no updates, how do I know if the offer was placed, do realtors get a confirmation ?.....I looked at the houses listed in Trulia, and the realtor just updated the information on the house, I have a feeling that she is not following up on my request...how can I found out?

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Answers

6
Jason Sandquist’s answer
Wells Fargo has been notorious for taking forever when getting back to offers that have been submitted on their REO properties. I have been involved in transactions with Wells Fargo and it has taken up to three months to get an answer. Hang in there...
1 vote Thank Flag Link Sat Sep 13, 2008
BEST ANSWER
Berta,

I am going to tell you to not assume that the Realtor is trying to soak you. Everything you have described is normal. It takes a long time to get an answer from the banks - especially large ones like WF. Agents are obligated to continue to market the property for their seller until it is sold so from time to time you will see updates are being made.

Look at the bright side, if your offer isn't getting through, nobody else's offer is either.

Cameron Piper
Web Reference: http://www.campiper.com
1 vote Thank Flag Link Mon Sep 8, 2008
Your realtor DOES NOT GET PAID till transaction is closed. I would not imagine a realtor would play games, NOT ALL BANKS or listing agents respond stating they have received your offer. If you offer is accepted your realtor will be notified. I would recommend to keep looking for homes if you are qualified lending is changing again you may know longer be qualified to purchase a home as of 10/08.
http://www.lynn911.com http://www.homes-for-sale-dallas.com
Web Reference: http://www.lynn911.com
1 vote Thank Flag Link Mon Sep 8, 2008
Hi, so did you buy it?
A month? was it a short sale or an REO?
0 votes Thank Flag Link Fri Oct 2, 2009
Hello Berta,

I specialize in helping buyers purchase both Short-Sale & Foreclosure homes in the Minnesota Metro Area. I have worked many different deals with Wells Fargo Bank for both buyers and sellers regarding short-sales and foreclosures with Wells Fargo. I would strongly advise you to have a realtor representing you as your buyer's agent when you are dealing with any bank on the purchase of a home. I hope that is the case in this situation. You also never want to use the Listing agent when you are buying a home. Why? because as human nature will have it the listing agents loyalty is always with their first client and that is the seller. If you would like specific answers in regards to working a transaction with Wells Fargo I would be happy to answer them. Please feel free to e-mail me your questions and I will get back to you A.S.A.P.

You can visit my web reference below to learn more about purchasing Short-Sales.

Thanks,

Tim Murphy
Re/Max Results
e-mail: TimMurphy@JohnsonMurphyHomes.com
0 votes Thank Flag Link Mon Sep 8, 2008
I wouldn't get so worked up about a single offer. If you didn't receive a counter-offer I would either submit a new offer with more attractive terms or move on. The seller has no obligation to accept your offer, supply information or counter. Chances are the realtor is doing a fine job. It takes patience to purchase REOs.
0 votes Thank Flag Link Mon Sep 8, 2008
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