Foreclosure in 85044>Question Details

John, Home Owner in Las Vegas, NV

I want to buy a Wells Fargo REO but it is not yet on the market. Is there any way to talk with someone from Wells to make an offer on the property?

Asked by John, Las Vegas, NV Sun May 29, 2011

Buy REO property that is not yet on the market.

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Answers

27
go here http://reo.wellsfargo.com/ and see if it is listed yet or pasreo.com which handles all wellsfargo REOs
2 votes Thank Flag Link Sun Jun 2, 2013
I don't agree with David. Banks don't "reward" agents for anything. Banks list with whichever agent is able to sell the asset the fastest and for the highest amount. That's the bottom line and there is no loyalty. The reason banks won't accept an offer prior to listing in MLS has nothing to do with the BPO - the BPO is done in the first 1-2 weeks after the foreclosure. The bank wants MARKETING EXPOSURE to ensure a high number of potential buyers have seen the listing.

Banks are not just happy with getting the BPO value. If they can get more, they want it.
2 votes Thank Flag Link Tue May 31, 2011
To give you a simple answer without telling you all the ins and outs, is no. Unless it is part of a bulk purchase, it is going to be put on the market with a brokerage.
0 votes Thank Flag Link Tue Oct 21, 2014
hi
please help me find out about this property 336 belmont st brockton ma 02301.my info is 508 942 4809.
0 votes Thank Flag Link Tue Oct 21, 2014
Thank you for sending email back. I still waiting for 2 house that I know are Wells Fargo REO owns it.
1. 102 St Miguel St. springfield, MA 01104
2. 315 El Paso St. Springfield, MA 01104
Please lets me know. I'll talk to someone from Wells to make an offer.
Thank you for your help
Thoa
0 votes Thank Flag Link Sun Apr 27, 2014
Question posted May 2011

Yes there is.
They will ask you how many homes you will commit to buy each month for a year.
They will want to see your ability to pay for all 200 homes you are going to commit to buy.

If that does not describe your buying strategy, you will need to stand in line and wait, justlike everyone else.
0 votes Thank Flag Link Fri Apr 25, 2014
after it's listed, yes. Before? no.
0 votes Thank Flag Link Fri Apr 25, 2014
I just spoke to asset manager at Wells Fargo because I have a buyer for a home they was foreclosed
yesterday. I can sell it after it is listed with a broker.
0 votes Thank Flag Link Fri Apr 25, 2014
Looking for house in Isle Minnesota 56342
Address 175 Hennepin Ave. So.
0 votes Thank Flag Link Wed Apr 23, 2014
I'm a short sale expert and would love to work with you!
Feel free to give me call anytime! 480-275-9566

PS. I look forward to working with you!
0 votes Thank Flag Link Mon Jul 8, 2013
I am interested in a property that has been foreclosed - the property at: 105 Shallow Pond Court, Piedmont, SC 29673 and I have tried all week to speak to someone regarding the property - could you please help me. I am Sherry Riggins 864-354-3037 - thanks
0 votes Thank Flag Link Fri Jul 5, 2013
I'm looking for buy REO property: 315 El paso st. springfield, MA. 01104. that is not yet on the market? who is that I can contact with?
0 votes Thank Flag Link Thu Jul 4, 2013
I've had some success in the past tracking down asset managers, the best I've been able to do is get a sneak peek inside a property before it hits the market. As someone stated here the banks want it to be tested fairly on the market so getting an offer in early is not an option. It needs to be fair for all buyers out there. Good luck !!
Web Reference: http://thespaldingteam.com
0 votes Thank Flag Link Mon Jun 3, 2013
Mike, you will need to have a licensed agent make offer for you once it is a n accurate listing in local mls.

Feel free to contact an agent of your choice.

602-799-6846

Lucinda Tkach
0 votes Thank Flag Link Sun Jun 2, 2013
I just want to know how long after the foreclosure sale takes place is it before they place it on the market with a realtor...........It has been 8 months since the sale for a property I have a buyer very interested in and not one realtor has any inclination when they will be getting it to list?
0 votes Thank Flag Link Sun Jun 2, 2013
John: There are still lots of bank owned reos listed in your area. Redloc reports discounts of 20% to 43% off
market prices. If you do your research, you will see certain agents that seem to have most of the Bank Owned MLS listings. You can get in touch with them, tell them what you are looking for, and be one of the first to see a new foreclosure.

DAVID COOPER. Foreclosure and Bank REOs Buyer's Agent at Vertical Realty- Las Vegas. For your Freee List Call +1-7024997037 davidcooper@lasvegaswinner.org
0 votes Thank Flag Link Fri Jun 3, 2011
Thank you to all that have responded to my question. It seems, by overwhelming majority, that the bank will not deal with me before it hits the market. Too bad, since they could have one less property on their books. I still don't understand - my guess is market manipulation - why it has been nearly 4 months since the trustee sale and it has yet to hit the market, especially since homes in this particular neighborhood sell very quickly, and usually for more than asking price.

Once again, thanks for all the responses.
0 votes Thank Flag Link Fri Jun 3, 2011
I wish there was but there is no reason for a bank to accept an offer before it goes on the mls.
0 votes Thank Flag Link Wed Jun 1, 2011
The banks that are still standing after this real estate crash have established ground rules and legal precedent in selling their REO homes. Selling direct without all the leagal steps required is NOT going to happen. All banks are getting BPOs before they decide anything, and then the reward the agents by giving them the listing.


David Cooper Las Vegas Foreclosure Investor in Bank Owned REOs at 20% off. For your Freee List
email: davidcooper@lasvegaswinner.org or Call +1-7024997037
0 votes Thank Flag Link Tue May 31, 2011
Unfortunately the answer is NO and here's why. Most major lenders sell directly to investors, but those are package deals with many homes. If this property was going to sell that way, you wouldn't have much of a chance anyway. If it's going to be listed on MLS, no major lender will accept an offer prior to the property being listed in MLS. Banks want full marketing exposure and must ensure they are receiving as many offers as possible and at the highest possible price. They won't sell prior to listing in MLS.
0 votes Thank Flag Link Tue May 31, 2011
I’ve never heard of this situation working with a major bank but with some midsize to smaller banks this is an option. I get a call about once a quarter directly from a smaller bank asking if I would be interested in property 123 Main St. If I decline they sell to another investor or it’s listed.
0 votes Thank Flag Link Tue May 31, 2011
John,
Very hard to do if not impossible. If you could get someone at the bank that actual new who the asset manager was you still would have to explain to that person why it is in their (the Bank's) best interest to sell to you instead of on the open market.
Web Reference: http://bradbergamini.com
0 votes Thank Flag Link Tue May 31, 2011
Hi John, it is possible, although most of the times it does not work. After the property has been adquired by the bank they will typically sell it in a package to a wholesale buyer, or they will place it in the market with a local agent. If it is not going to be sold wholesale they typically like to see it hit the open market so they can get as much as possible for it. Many times they get multiple offers and end up selling for over asking price.

Talk to an experienced agent in the area and he will be able to help you. Just sending an offer to the bank will not work.

Carlos J. Ramírez, PC, ABR, CNE
RealtorCarlos@gmail.com
Associate Broker/Realtor, HomeSmart –
Certified Negotiation Expert (CNE)
http://www.SmartAZRealty.com
0 votes Thank Flag Link Sun May 29, 2011
John

It is possible to submit before the home hits the market in certain situations. It takes some due diligence and lots of effort to track down the players, it's not always possible.

Find a good agent with lots of experience that you feel you can work with and start digging! It can be possible!

Arizona Homes for Sale by a Guy from Iowa
Web Reference: http://www.McVinua.com
0 votes Thank Flag Link Sun May 29, 2011
I could walk you through process. I am at open house. 602-799-6846
0 votes Thank Flag Link Sun May 29, 2011
Without a BPO from a local real estate agent, the Wells REO manager has no idea what the house is worth. So making an offer is not going anywhere but his wastebasket. I would try to find other REOs from Wells Fargo that sold in your area, and see who the listing broker was that represented Wells. I would then call that agent, and see if he would make an offer for you.

David Cooper Las Vegas Foreclosure Investor in Bank Owned REOs at 20% off. For your Freee List
email: davidcooper@lasvegaswinner.org or Call +1-7024997037
0 votes Thank Flag Link Sun May 29, 2011
John,

Unfortunately, no. Most all bank owned homes are assigned to an asset manager who will place the home on the market with a local Realtor. If you would like to provide the address, I would be happy to let you know when it is placed on the market.

Deborah Griffin
0 votes Thank Flag Link Sun May 29, 2011
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