wellsfargo uses the company premiere asset services to sell their REOs.Any info on this company and their?

Asked by Jon, Traverse City, MI Fri Oct 19, 2007

business practices?

Help the community by answering this question:

+ web reference
Web reference:

Answers

29
Brittany898, Home Buyer, San Francisco, CA
Wed May 13, 2015
Premiere Asset Services (PAS) is an industry leading third party REO (Real Estate owned property) outsourcer and evaluation service provider operating at scale and on a nationwide basis. It is important to inspect the property that one intends to buy. It’s not very well understood, but Premiere Asset Services is a department of the Wells Fargo Bank which is responsible for the sale of bank-owned houses and commissions agents to place these properties for sale, with a listing of the “Owner of Record”, not Wells Fargo.

The REO/ Real Estate owned properties of Wells Fargo are those 1 to 4 unit foreclosed houses that have failed to sell at auctions and are now held by lenders. By taking assistance provided by Wells Fargo and its Premiere Asset Services, these lenders can sell their possessions since they are now the owners of that asset.

Processes involved by Wells Fargo are – If they are unable to contact a borrower who defaults, they begin monthly inspections of the property. After confirming the house is vacant, they secure the property, remove any exterior debris, and arrange for lawn care that will stay in place. They take all the necessary measures to preserve and maintain the condition of the home until the property is sold. Subsequent to foreclosure proceedings,

Reference Link: http://Wellsfargoreo.org
1 vote
Xin, , USA, Mobile, AL
Wed Dec 31, 2008
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.
1 vote
Wendell Turn…, Agent, Beaumont, CA
Mon Apr 7, 2008
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.
1 vote
Melinda J. R…, Agent, Hudsonville, MI
Tue Mar 25, 2008
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!
Web Reference:  http://www.gomelinda.com/
1 vote
John, Home Buyer, Indiana
Fri Mar 21, 2008
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
1 vote
Mike Duncan, Agent, La Quinta, CA
Thu Dec 6, 2007
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.
Web Reference:  http://www.DuncanGroupRE.com
1 vote
Maureen Fran…, Agent, Birmingham, MI
Fri Oct 19, 2007
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.
Web Reference:  http://mioaklandcounty.com
1 vote
I'm trying to locate their phone number. Currently, I'm working with a broker who will not except prequalification letters, only unconditional approvals. I've never heard of this.
Flag Fri Mar 28, 2014
I'm trying to locate their number. I'm working with a broker who will not except a pre-qualification letter. Only a unconditional approval. Never heard of this.
Flag Fri Mar 28, 2014
Suzanne Vezz…, Home Buyer, Mattydale, NY
Mon Feb 17, 2014
The worst people to deal with when purchasing a foreclosure. I have been waiting since November 2013. The title has 2 liens on the property and they can't seem to clear it. Want me to wait 6 to 9 more months for this to be resolved, that ain't gonna happen. I've had 3 closing dates so far that have come and gone still no luck! They have till March 5th to resolve this issue. Do not deal with this company you will have the worst experience of your life.
0 votes
avi.lakewood, , Traverse City, MI
Mon Apr 22, 2013
i am a contractor out of Mississippi and would like some info how to go about fixing over Reo foreclosed properties for wells fargo or other banks Thanks
0 votes
Brenda L. Mi…, , Monterey, CA
Fri Jan 25, 2013
I am a broker and trying to sign up with PAS can someone send me information on an invitation code they keep asking for??? Thank you!
0 votes
Janet Renaud, Home Buyer, Atlanta, GA
Fri Sep 21, 2012
I have no information on well Fargo reo
0 votes
clzielinski, Home Owner, Omaha, NE
Tue Aug 21, 2012
Premiere Asset services is "maintaining" a property next door and they are absolutely awful!
0 votes
Karen Bredice, Agent, Malibu, CA
Tue Nov 29, 2011
Can anyone provide me with a phone number for PAS -- Asset Mgrs?
0 votes
1-877-617-5274
Flag Tue Aug 21, 2012
Karen Bredice, Agent, Malibu, CA
Tue Nov 29, 2011
I am a broker in Califiornia and have discovered potential fraud by their representative here (other broker)... does anyone have a phone number for Premiere (PAS) --- to try and find an Asset Manager? Any help would be much appreciated...!!!

Thank u!

Karen
0 votes
Geitner, , Kalamazoo, MI
Sat Apr 2, 2011
Have to love this...

"Premiere Asset Services a/k/a wells" alter ego to dispose of garbage..

What happens when wells sells to an unsuspecting buyer, before they actually had title...ooops..or in fact they cant actually prove anyone has title...because its a securitized loan...?

Do any of you truly think that a "bank" owns these mortgages?? Actually...most likely no ones these distressed assets but you the poor suker American tax payer who funded these criminals in the Tarp bailout...

Quick question...why was the TARP money given out to the "banks" again? oh yeah because " they had all these bad mortgages on their books right?"

Quick question...how many mortgage loans are actually held by the major banks? that would be ZERO..as they were all securitized in that an investor ultimately funded the loans through the purchase of "asset-backed" securities?

So America, you need to ask your government where all the money really went...(Its a really big country that starts with a C and rhymes with Carolina
0 votes
Carolina?
Flag Wed Dec 4, 2013
Conny Wolfram, Agent, Los Angeles, CA
Sun Oct 31, 2010
Usually PAS (Premier Asset Services) tries to sell all their Wells Fargo REO's individually, at the highest possible price of course. And since we are brokering normally whole packages (tapes) of REO's we don't deal too often with PAS.

But on the occasional package we came in contact with PAS, and I have to say that they are usually very unflexible as to the protocol how they want to conduct their sales. No wiggle room to negotiate anything else than what their own paperwork is laying out.

If you are a homebuyer (or even an investor) I would rather recommend to read every single line of fine print. And if that's not agreeable to you, maybe buy one of the really cheap nationwide cash properties brokers (like us) can provide. These are REO's as well, and the prices for these start at $1,500 (in rust belt states like OH) and go up to about $50K (cash or HM only).

Conny Wolfram - CoW Properties
cowproperties@gmail.com
(727) 851-0030
0 votes
Mary DeWitt, Agent, Empire, MI
Tue Apr 6, 2010
Dealing with any foreclosure or short sale helps if the RE agent has had banking experience. A buyer needs to know if they are going through with a foreclosure they must be prepared to be patience. Having said this you need an agent that stays on top of what is happening with the bank. Communication relieves alot a stress all the way around. I have not had a problem with the companies as much as the agents listing them knowing what to do. I worked at a bank for several years and my experience has gotten the job done or knowing enough to walk away because the seller on a short sale doesn't really qualify!....
0 votes
Super, Home Buyer, Sarasota County, FL
Tue Apr 6, 2010
Whether it was Premiere Asset Services proble or Wells Fargo we have yet to be given an answer. We were scheduled to close March 8th. Wells requested a one month extension due to title issues that surfaced during the Title Search. We received notification last week that they would not be able to close until Maybe July. On a county search of the property it is still in the name of the original owner so it appears that Wells is selling a house they do not hold title to. We are unable to wait to July since we wouls lose the $8000 tax credit. So we are frantically trying to find a hame prior to April 30th. In the meantime we have spent over $2000 on inspections and repairs that we will not get back and Wells wants us to sign a "Cancellation of Contract" releasing them from all responsibility to get our $1000 earnest money back. How do we get our earnest money and can we get back our Inspection moneys?
0 votes
Mary DeWitt, Agent, Empire, MI
Sat Jan 23, 2010
I had no problem with Wells fargo however they did deny the Sellers short sale which when I got the full picture my buyer walked before the denial....writing on the wall was clear.
0 votes
marie, , Minneapolis, MN
Thu Jul 23, 2009
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.
0 votes
Mroyal, Home Buyer, Portland, OR
Fri Apr 24, 2009
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.
0 votes
Brett, Home Buyer, Toledo, OH
Tue Apr 21, 2009
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.
0 votes
I am going through this with the fine print now. I tried to submit a bid on a property that is covered in Black toxic mold (environmental companies words) it is fixable but at a price tag. The auction company they are using sent over this purchase agreement with sensitive timelines for me to sign along with my $3,000 in earnest money. I, too read the one sided approach in the document in regards to the money and asked. I also had questions regarding the "See exhibit A for physical property" Exhibit A simply stated to see title to property which they couldn't furnish at that time. I was told to go ahead and send signed contract and money back and they would get that to me in a few days...i think not. I have tried to file a complaint with Wells Fargo on how they are handling things but some guy named Michael Sheldon with Premiere Assets called me back a week later only to be a total a@#. They can keep the property, i am not paying someone $3000 just to bid on a property.
Flag Mon Sep 26, 2016
Karen, Home Buyer,
Mon Oct 6, 2008
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!
0 votes
Sue, Home Buyer, Minnesota
Tue Sep 23, 2008
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!
0 votes
Pittypat, Home Buyer, 34747
Thu Aug 21, 2008
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!!!
0 votes
Hi, , Virginia
Fri Mar 21, 2008
http://www.pasreo.com

here is a link that shows many REO links

http://www.nwmlsonline.com/
0 votes
Ahamamnn, Home Buyer, Kentucky
Sun Feb 3, 2008
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!!!
0 votes
Matt Case, , Beulah, MI
Fri Oct 19, 2007
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.
0 votes
Connie, , Newport, MI
Fri Oct 19, 2007
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
0 votes
Search Advice
Search
Ask our community a question
Foreclosure in Traverse City Zip Codes

Email me when…

Learn more