Home Buying in Apple Valley>Question Details

Berta Ramirez, Renter in Orlando, FL

I placed an offer to a REO from Wells Fargo in Apple Valley MN around a month ago

Asked by Berta Ramirez, Orlando, FL Mon Sep 8, 2008

I placed an offer to Wells Fargo on a REO in Apple Valley MN aroung a month ago, and every time I called the realtor to ask her she says that she does not have an answer for me, I thought that it will take no more than a week, what can I do ?

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Berta,

I would encourage you to have your Realtor place multiple offers on REO's. I would not get attached to just one house or get emotional over one offer. I advise my client's that in all likelihood many of the offers that I will be placing will receive multiple offers, especially if the home is in turnkey condition. Many of these REO listing agents have multiple bank owned properties, some have over 100 properties under their license and it's very easy for some of these agents to lose track of offers. Your agent must also be persistent but please be patient, sometimes these things take time.
1 vote Thank Flag Link Mon Sep 8, 2008
Yes. They have several branches apparently. My client's escrow is currently being managed by a North American Title Group. They are a nuetral third party service that "won" the right to service all of the regional escrows for Wells Fargo. I was placed in a stand still mode for the first two weeks since acceptance for an unknown reason. Now I understand that the delay was due to this negotiation between Wells Fargo and North American Title Escrow Group. Once their agreement was finalized the phone, fax, email began to go crazy with contact info regarding our escrow.

All these channels the banks are having to go through to close an escrow is or can be just as tedious as the approval process necessary to even begin escrow. I really have to stay on top of these guys or I believe my escrow could just as easily fall on the wrong desk or worse, in the big round file (trash).

I'm still hopeful that this new procedure will help roll things along quicker and not just become another of many procedures needing attention before we can actually close escrow.

The escrow company is headquartered in Redlands on Orange Tree Lane but my escrow officer is located in Mission Viejo on Puerta Real Drive.

Now I don't know if I helped you after all. But thanks for the feedback! Advise to you, hang in there! And squeak!! Squeaky wheels always get the grease? Corny, but it's worked in the past.

Diane Wheatley
(909) 981-5589
1 vote Thank Flag Link Fri Sep 12, 2008
I agree with Ron's advice. I'm currently working with Wells Fargo on a foreclosure property through an agent and it is just as frustrating for me as it must be for you. It is difficult much less impossible at times to just sit and wait while your future is in someone else's hands and control. Wells Fargo has the vast majority of REO properties in San Bernardino County. The numbers are staggering.

As of Friday, September 5th I was phoned by a "processor" from an REO division of Wells Fargo informing me that they have formed a new servicing division that will be in place to help facilitate these thousands of REO properties from the point of acceptance to close of escrow. This should alleviate a good portion of the paper shuffle that many buyers and their agents have to wade through in order to get an answer or information on their offers. Looks like some of the lenders are finally stepping up and dealing with the tremendous overload of vacant and foreclosed properties in a more efficient manner.

Good luck! Diane Wheatley, Broker
(909) 981-5589
1 vote Thank Flag Link Mon Sep 8, 2008
Unforatanetly the answers come ony as fast as the realtor and the assett manager are good and attentive. The assett managers are overwoorked and have too many homes to deal with. The agent has to be persistant, daily to twice daily emails, calls, whatever it takes to move your offer to the front or top of the pile. You need to find out what they are waiting for, what is missing, what can the agent do to help. Sometimes it is not the agents fault, i deal with aklot of bank owened properties and sometimes i find myself waiting wand waiting despite constant communications. Habve your realtor find out what is the hold up so everyone together can work on a cure.
Web Reference: http://www.ScottSellsNH.com
0 votes Thank Flag Link Fri Sep 12, 2008
I do REO's and alot depend on the asset manager assigned to the property, some are quick, some are slower and depending on the offer, they may have to get another approval. I email and I followup with phone calls and I keep calling. I reached one of my AM after hours because I kept calling. It takes persistance.
Web Reference: http://www.jroark.com
0 votes Thank Flag Link Fri Sep 12, 2008
Thanks Diane....I am always looking on line, and I found the Wells Fargo Premiere Asset Services, is that the division you are mentioning?
0 votes Thank Flag Link Mon Sep 8, 2008
Since that time, hundreds of more homes have reached the market and guess what another couple of thousand are on their way... No one should should rush to buy a home in this market...Consider youself lucky.. they bank will repsond eventually, but better you in the drivers seat then the bank...
0 votes Thank Flag Link Mon Sep 8, 2008
You may never receive a response I would keep looking an submitting offers. Lending is changing your pre-approval letter is good for approx. 60 days.
http://www.lynn911.com http://www.homes-for-sale-dallas.com
Web Reference: http://www.lynn911.com
0 votes Thank Flag Link Mon Sep 8, 2008
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