Mandems Mom, Home Buyer in Wisconsin

My husband and I are interested in putting in an offer on a Wells Fargo foreclosure.

Asked by Mandems Mom, Wisconsin Sun Mar 31, 2013

It appears they've priced it very low to get multiple offers. Are there certain things we should put in the offer to ensure ours is at the top of the pile?

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Mandy Fritsc…, Mortgage Broker Or Lender, Delafield, WI
Sun Mar 31, 2013
I would say look at the property and the neighborhood and give your best priced offer the first time! AND pick a knowledgable agent! I have worked with both Brian & Rich who commented below. Both are Full Time Realtors, are knowledgable & Experienced!!! You can ask for the seller to pay closing costs but remember that comes off of their bottomline. You MUST have a Wells Fargo pre-qualification letter when you submit your offer or it will not even be looked at. What that means is you need to get a pre-qualification letter from them BUT in the end you do not have to use them as your lender on your loan. I previously work at Bank of America and they have the same requirement on their foreclosures. So if you have not done this yet get it started so you can avoid that road block and scrambling down the road. I would recommend this Wells Fargo Mortgage Loan Officer to you:

William (Bill) Moeller, Home Mortgage Consultant, NMLSR ID 536570
Office: 262-641-5690, Mobile: 414-702-6529,
Wells Fargo, 400 N Executive Dr, Ste 100, Brookfield , WI 53005
https://www.wfhm.com/loans/william-moeller/index.page

In the end you get to chose who you do your lending with so I would be happy to help you look at all your options for financing your new home! We even offer renovation financing!

Sincerely & Happy Easter!
Mandy Fritsche - Prospect Mortgage, Mortgage Loan Officer, NMLS# 557211
262-327-5700 Cell, 877-868-9198 Fax, mandy.fritsche@prospectmtg.com
http://www.MyProspectMortgage.com/mfritsche
0 votes
Mandems Mom, Home Buyer, Wisconsin
Sun Mar 31, 2013
Not a VA or FHA loan; conventional financing with large down payment possible (70-80%)

Days 8-15 only offers from owner-occupied are allowed, then investors

House is move-in ready in Waukesha County so no repairs are expected, but yes we would have money available if repairs were necessary

We could pay cash, but that's not ideal since we would need to take a loan back on the property to replenish our investment accounts which we would be liquidated to buy the home and home equity loans have higher interest rates and shorter terms than purchase or refi loans.
0 votes
Brian Hollen…, Home Buyer, Watertown, WI
Sun Mar 31, 2013
There are definitely many different factors involved both with your position as a buyer and with the situation on this specific property. We are seeing many foreclosures now priced aggressively for a quick sale and they are prompting multiple offers. I am currently representing 3 different buyers who are purchasing foreclosures and one is a Wells Fargo. While there are some similarities in all 3, they are also very unique in the sales process.
I absolutely agree with the other comments here about having a buyer's agent to work for you on this. Feel free to call or e-mail me.

Brian Hollenbeck - Shorewest Realtors
bhollenbeck@shorewest.com
920-253-8233
0 votes
Rich Moen, Agent, Watertown, WI
Sun Mar 31, 2013
Good question. Yes there are things that will make you offer stand out. But to address that there are a number of other factors to consider.
First, is it a VA or FHA backed loan?
Is there a first look period?
Will you be an owner occupant?
Do you have funds for repair?
Will this be a cash offer (no financing needed)?

And that is just a few.

I also agree that you want a qualified buyer agent to work for you.
Where is the property located?

Feel free to call me for more information and to help you find an Accredited Buyer Representative.
262-299-0268.

Happy Easter!
Rich Moen ABR
RE/MAX Solutions
0 votes
Liz Apuli, Agent, Menomonee Falls, WI
Sun Mar 31, 2013
Good Morning,
It would be best to work with a Buyer's Agent who will represent your best interests in the transaction. I am a Buyer's agent and I'd be happy to talk with you about the property you're interested in. Please feel free to call me today, up to 2:00 pm 262-893-6705 or anytime this week.
0 votes
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