As part a one of the most successful REO teams in the Twin Cities, I have to say the Premiere is our number one client- and should be considered such by most buyers agents as this is one of the few companies offering a decent commission. Every complaint on here about the addenda on PA have obviously not worked in real estate for long, or have no experience with bank owned properties. EVERY bank or servicer has their own addenda to EVERY PA, some 1 page, some 12. Yes they are one sided, as they are looking to get decent buyers- people who won't throw in an offer on a whim, then back out a day before closing expecting EM back. As for the buyer who starts getting repair bids and contractors in a home before close- that is a dumb move on YOUR part, not the current owners. Why would you think you have the right to be in the home and getting work done when you do not own it? All in all, the addenda are VERY common and necessary, and you all need to get better agents and loan officers who will do their jobs and not blame the seller for problems that they should have taken care of.

Premiere Asset Services is completely incompetent. I was supposed to close on my Wells Fargo-owned home today. Instead, I am waiting for PAS (more like POS) to sign an addendum naming the correct escrow company because the contract that PAS drafted listed the wrong one. And the genius escrow company/law firm (Routh Crabtree Olsen in Seattle) didn't notice until the day before yesterday, and is refusing to do any paperwork until PAS signs the addendum. I am so frustrated that I'm tempted to walk away from the deal if the delays continue.

Ironically, PAS puts a "time is of the essence" clause in the contract and penalizes buyers $50/day for causing delays. But if PAS causes a delay, what is the recourse for the buyer? Conveniently, there is no mention of that in the contract.

If you need to close by a certain date, don't count on PAS to come through. Take my advice and stay away--far away--from these bureaucratic incompetents.

I to, like Karen, am in the process of trying to buy a property from these people. It is a very distressed property, with water and termite damage- curently a salvagable property. I thought we had a deal- infact I had started getting inspections and meeting contractors- and then they sprung their purchase contract on me. I agree with Karen, very one sided. My greatest concern is that I had pledged a substantial amount of earnest money, and their contract states: " Notwithstanding any langueage to the contrary in the offer, addenda or counter offer, if buyer defaults in the performance of the contract, 100% of the earnest money will go to the seller." Needless to say I didn't sign it. I am still waiting for a response from them. I would think they would want to move this property off their books as quickly as possible. I will continue to pursue this property, but cautiously. I would love to make a deal with them. I posess everytimg necessary to pull this off on my end, from a construction and appraisal background to a credit score of 790 and the income to carry the debt, but they are smoking crack if they think that I am going to sign a contract that leaves my earnest money up for grabs in the event that my bank cannot perform. It is my judgement that they are overplaying their hand with this contract, and potentially loosing deals because of it. Buyer beware. Read the fine print.

I am a broker, Exceed Realty and Loan, and have worked many deals with them, my experience is easy and fast.
In some cases, I truly think that on the bad cases that I have read, seem to be a problem from the buyer's real estate agent or loan officer. BUYERS get rid of your "nice looking" and "barely high school graduted " agents they are your problem.

Was heavy into purchasing a home through these folks (had agreed on price, etc.) until they sprung their "addendums" on us! Their addendums are nothing more than a VERY one-sided contract that then negates the state required safeguards (at least in Az.) in the Arizona real estate contract. The broker listing the property was a complete witch (didn't need a costume for Halloween!) and we were unable to find a live person at Premier Asset Services to try to negotiate out the unacceptable clauses (e.g., if you don't close by a certain date they charge you $50/day........not likely), if they can't get a clear title to the property (why in heaven's name did they list it if they didn't have a clear title) they can elect to cancel the deal and all the customer gets back is his deposit, not the inspection fees, appraisal fees, etc. that have been expended by that date. My absolute favorite (and the final deal breaker) was that we had to provide proof of funds to Premier Asset Services, EVEN THOUGH we weren't obtaining a loan thru Wells Fargo and had a current LSR from the lender we were going to use. A seller has no legal right to obtain proof of funds in Az (per my attorney) if you aren't using them to finance the property.

We blew off the deal last week. Today they dropped the price on the property $15K below what we'd been willing (and had agreed) to pay for it.........all because of their "addendums". From the other emails from folks who've followed thru with the purchase, we should give thanks we killed the deal. Sounds like they're a nightmare to deal with!

I am in the final process of closing, in fact it was supposed to take place today. Premier Assets has made this purchase an absolute nightmare for my family. We have been waiting for over 2 weeks for information to order the title. All other aspects of this purchase have been completed for over a week. I understand that people are busy, but if we do not close by the end of the month (in one week), I will lose the loan for the home. I was just updated today that there is another tentative closing next week, but I will believe it when I see it. I have given serious thought about contacting one the of the major news investigation companies (Dateline, 48 Hours, etc) to expose the difficulty that banks are inflicting on people such as my myself and others out there trying to buy a foreclosed home. It is absolutely ridiculous!

Well, we are in the middle of a purchase that this company is handling for Wells Fargo, and it is the biggest nightmare you could possibly imagine. They stall on everything...weeks to sign simple, routine FHA addendums, etc. We've been under contract for 2 1/2 months, and they've just requested another extension. God help you if you get tied up with these people!!!

I am a current Wells Fargo PAS broker and find their network the easiest to use and the reimbursements to be simple and fast. Large bills are reviewed and paid in a timely manner anything over $500 is paid directly to the contractor, however the broker coordinates work and submits all proof of work completed and invoices to PAS. If you haven't been paid the broker isn't submitting your bill properly or you have not given him proof of work completed with photos etc. Please repost here if you have been paid since your posting.

Jon, I have not had any problems with this company. I have helped buyers purcahse homes through Wells Fargo and they have been some of the smoother foreclosure transactions that I have had in my career. I can't say that I have anything super good or super bad to say. Never really had a problem with them.

I hope this information helps! Best Wishes!

http://www.pasreo.com

here is a link that shows many REO links

http://www.nwmlsonline.com/

Ahamamnn- You need to talk to the reo broker about getting paid- they are the reps for the bank. and unless you have a direct contract with them, the reo broker is to cut you a check. however REO properties are usaully very reluctant to pay very large amounts of money to do repairs. if you have actual bid amounts of 25k that you have the approvals for (which the REO broker would have that documentation) then i would take both to courts. if you all willy nilly and did work that was NOT approved then you are pretty much sol

Premiere Asset does NOT PAY their contractors. We have done work for them recently , to the tune of $25K, and they will not pay !!!! We only received the $5k retainer to do the work and nothing more. We were contacted through their REO agent for a property they needed some work done to put it on market. If you notice on their website , there is no contact info anywhere, no addres, no phone number, We are having a hell of a time trying to get this taken care of. We completed work for them on the property shown on their site, listed on 7 Tattersol in Florence, Ky. So I would recommend doing LOTS of research on this company before entering into any agreements with them. You will never be able to contact them when issues arise. You cannnot find contact info anywhere!!!

I am an REO agent for PAS. PAS is no more than an arm of Wells Fargo. They take care of all the REO assets for Wells.

Are you sure they use that company to sell their assets? A bank that I work with uses a company with a similar name to do the maintenance on the property, but it is actually marketed and sold by me.

I have not heard of premiere asset services.

I've run into Premiere before, and believe they've been at it for quite some time- not just during the recent rash of foreclosures. Other than that, I don't have hard info on their business practices.

Hi Jon; I just took another class on foreclosres/short sales yesterday. Companies were not specifically mentioned; just the process of foreclosure and REO closing. In a nutshell addendums, etc. are pretty well consistent nationwide. There are several layers of asset managers, investors, attornies, Fannie/Freddie, etc. that I don't think it really matters which asset company is handling the sale, title, closing, etc. It is my understanding that each needs to adhere to the specific guidelines of the bank. Hope I've helped a little. Connie