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Foreclosure in Traverse City : Real Estate Advice

  • All113
  • Local Info7
  • Home Buying34
  • Home Selling3
  • Market Conditions0

Activity 9
Wed Jun 10, 2015
Jodileeo answered:
An REO - meaning Real Estate Owned by a bank is property that already has went through the foreclosure process and the bank now owns the home and is selling the property. They usually are not hard to buy but you do need a lender approval letter saying that you qualify for the amount of the offer you are making. Some REOs do have you use a bank of their choosing and you must use their bank -but that will be spelled out in the MLS (Multiple Listing System) and your agent should be able to assist you with this. Hope that answered your question.

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Wed May 13, 2015
Brittany898 answered:
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,

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1 vote 29 answers Share Flag
Wed Nov 5, 2014
Mark & Peter Fisher answered:
Hi Renee,

Just saw your question. Sorry it took so long for someone to respond. Currently, it doesn't appear that there are any active listings that are bank-owned foreclosures on Spider Lake. Are you only interested in foreclosures?

-Peter Fisher
Coldwell Banker Schmidt
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0 votes 1 answer Share Flag
Mon Apr 22, 2013
Alan May answered:
0 votes 1 answer Share Flag
Tue Dec 27, 2011
Michael Emery answered:
Wells Fargo uses their subsidiary to market foreclosed homes.

The last time I checked, they were not accepting any more agents into the program.
0 votes 2 answers Share Flag
Wed May 26, 2010
James Gordon ABR SFR SRS answered:
Dltirado this sure does not sound right to me but I am not an attorney. One thing ask if this attorney will represent you in future actions regarding this property and, if you lose, at no charge if you follow their advise. ... more
0 votes 5 answers Share Flag
Mon Jan 19, 2009
Sue Smith answered:
IMO the realtors in TC lack in honesty and most likely are hiding the foreclosures or trying to keep them off the market. They will do anything for a commission including hiding good deals. ... more
0 votes 9 answers Share Flag
Thu Oct 16, 2008
Toni Dye answered:
Hi Connie,

I am a Traverse City Realtor that deals with both Normal listings and Foreclosures. I, like Matt, can get you the information on what you're looking for.

If no replies on the foreclosure with the listing agent, then this may not be so bad for you. This lends you an opportunity to have representation as a buyers agent working on your behalf in negotiating with the bank.

Just let Matt or Myself know what we can do for you, or you can also search it on our website.

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0 votes 3 answers Share Flag
Fri Oct 19, 2007
Dana Clausen answered:
You'd need to make sure old liens were forgiven prior to transfer of title. Make sure your attorney/realtor, or title examiner is aware of the clouds.
1 vote 2 answers Share Flag
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