Vince, I have recently sold some homes that were owned by Well Fargo. They were easy to work with and my buyers felt that they got good deals. Of course this is where your buyers agent comes into play. They can help you get more information on if it is a good deal for that particular area. Like other agents have said...there are a lot of factors involved when it comes to pricing them. Not to mention there are a ton of banks trying to sell homes in our state at this time. There is plenty to choose from.
Vince, I'm assuming you have a signed Buyers Agency agreement so the agent is working for your best interests and reprisenting you in the transaction. Glad you'e being proactive in your home purchase. I agree, check with the City and verify there are no contractor, tax, utility, etc liens on the property.
I've actually been in that house - Lots of potential. If you go the the city's website - http://www.cityofnovi.org - you can search their tax records and view the public records for a particular property. Enlist the help of your agent too - that's what they are there for. Good luck!
Wells Fargo has an online form that has to be filed by your agent. This will be the process until you and the bank comes to some sort of an agreement. They will forward instructions for your agent by email. This will be the time a true contract will surface. It's a little silly but the way they do business. Most online offers that are submitted are required to be accompanied with credit approval/available funds bank statement.
Do you have a specific home in mind? I specialize in the Novi area and I would be happy to find some more information out for you.
There is no "rule of thumb" for foreclosure pricing. There are a lot of factors involved including how much is owed on the home (including late fees and attorney fees); recent sales in the area and the condition of the property to name a few. If you are thinking about a foreclosed property, your best bet is to have Buyers Agent looking out for your best interests. Please let me know if I can help.