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I want to make an offer on a Wells Fargo owned property. The foreclosure deed is for 236,000 and it is
listed on MLS for 258,000. Any suggestions on how I should proceed?
Fri Jun 20 2008, 05:33 - Massachusetts - Foreclosure - 4 answers
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Good morning Steve- There are a few decent options. I know of 2 pros in the shortsale area that have the exact contact person within the Loss Mitigation Dept. for a huge bank like Wells Fargo. Like the people mentioned below, that alone will save you 1-2 weeks of the process. If you'd like any further details, feel free to contact me. I'd be willing to tell you what I know of the practical process. Thanks and Good Luck,
Ken L. Thu Jul 10 2008, 08:08 Web Reference: http://www.cheaphousepayments.com
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I don't know about the below answer ... They will likely work with you direct you just have to use their contracts. If you are comfortable with that - which I don't recommend - I would call WF up and tell them you are interested in a certain property. Just remember the banks are pretty difficult to deal and backed up with a lot of REO properties and Short Sales so it may take you a week or so to get on the phone with the right person and then it may take you another 2 months to get the property under agreement. Expect to pay the price above (banks don't negotiate) and for it to take some time. The alternative to you doing it on your own or having a Realtor advising you is to hire a real estate attorney.
I hope that helps! Good luck. Fri Jun 20 2008, 12:49 Web Reference: http://www.territoryre.com/About_Us.php
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Wells Fargo will likely only accept offers presented by a Realtor, since there are standard forms and other information that must be provided. Find yourself a local Realtor who is familiar with REO's and he/she will help you with the offer, including the paperwork, preparing a CMA, and helping you decide what price to offer.
Fri Jun 20 2008, 10:24 Web Reference: http://SantaClaritaRealEstateBlog.com
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FIRST ANSWER
Have a CMA done on the property. You may want to get a local Realtor to assist you. many of these banks use Selling Agents that don't know the area and can be hard to deal with because they have so many foreclosed properties on the market. I work mainly on the North Shore but I know Realtors all over the state that I feel comfortable referring.
Fri Jun 20 2008, 06:19 Web Reference: http://www.MassRealEstateHunter.com
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