My team represents a large US bank for all of their foreclosures in Shelby County and have for the last 5 years. It is a little more detailed process than just a few lines, but I will try to explain what goes on and your options. We have transacted business with WF in the past, however the bank mentioned above is not them.
It is possible to find out who the local agent will be on a property before it goes to the MLS. It will not be sold on the "court house" steps unless there is some kind of tax incumbrance. Wells Fargo may wholesale this property out, if so it will change title and you will have to wait. If there was a second mortgage lien holder, that company must be paid first (satisfied) and that can take more time in getting the property processed for sale.
The foreclosure just happening on June 9th, is not a very long time in the foreclosure "world". That means the final decree was granted in court, the sheriff has to come out (usually about 4 will show up) to secure the house. At that time they will remove the belongings, if any remain and then have the local representive present to have the locks changed and to access what needs to be repaired/replaced.
If the bank decides to keep this property to sell themselves, they will then assigned an agent. Wells Fargo doesn't use an exclusive agent (sorry there), but before they assign it, they will have several agents do BPO (broker price opinions) and an appraiser come out to evaluate the value on the property. THEY WILL NEVER TAKE A BID BEFORE THEY DO THIS. This might take 2 to 3 weeks, it might take a month and a half. Then it will be assigned after that to an agent. They usually want the agent to put the sign up before they even get a listing price. That is the magic time to get a bid in before the MLS hits.
Wells Fargo's asset division is not local and they have certain proceedures that you must comply with. The first and foremost one is that unless you are paying cash, all offers must have a loan qualification letter and at least $1,000 earnest money. They accept no contingent offers and all houses are sold as is.
When making your bid ask the agent or your agent to run comps. You can adjust for conditions, but the winning bid has nothing to do with what it was foreclosed for. Most of the time they only show a second mortgage being satisfied and this is not a true picture of what really happended to the bank taking the fall. If your bid is too low, the bank may not even respond - yes it is rude, but true. If it is in the zone, they will either accept or counter. Be patient, it takes much longer to work these types of deals out.
I think I know exactly which house you are referring to in Germantown. Please email me should you have any further questions or concerns and I can help you through them.
Tax records seem to show Curtis and Jennifer Maloney. Have you seen any of the other homes available in the Hickory Bend neighborhood, or is this the only home that matches your criteria so far?... more
The owner's of record is Deutsch Bank National Trust Company. This is a foreclosure, but this is not the original lien holder on the property. In other words, another lender foreclosed on the property and this one has been wholesaled out (more than likely as a block along with several other properties).
Let me know if you are further interested in navigating through a foreclosure purchase on what to expect and how to get your bid accepted. I will be more than glad to help. We, my team, are very experienced in dealing with bank owned properties and represent several of them here locally.