Wells Fargo Home Mortgage is a large originator of home mortgages across the country. As a result, they also generally hold a significant portfolio of foreclosed properties in all states. Some homeowners that lose their property as a result of foreclosure to Wells Fargo will find that their home will directly be resold by Wells Fargo. Others however are transferred to mortgage insurance companies or funding sources such as Fannie Mae or Freddie Mac.
You can purchase a Wells Fargo foreclosed home with cash or financing (depending on condition). According to Wells Fargo, over 60% of the foreclosed homes they sell are financed. For properties that are in need of repair, Wells Fargo offers a special financing program called a “Purchase & Renovate” loan. These types of loans allow a buyer to purchase a home that is in need of repairs and finance the costs of those repairs into the balance of the loan. If you are interested in this program, you should contact a Wells Fargo Loan Officer to insure you and the property you are interested in qualify for the program.
Can you get a “deal” on a Wells Fargo foreclosure? That depends on many factors including the market, property condition, the agent Wells Fargo has selected to sell the property, the time on the market and other external factors such as investor influence. Wells Fargo foreclosures that are in need of work and in “as-is” condition are often sold at a discount. Properties that have been repaired and are in “move-in” condition are sold at fair market price.
The process of buying a foreclosure property from Wells Fargo is coordinated through a local real estate agent. Individuals who will live in the property (“owner occupants”) are given a five-day preference for purchasing Wells Fargo foreclosure properties. Offers to purchase properties from Wells Fargo from investors are not considered until after this five-day listing period. When negotiating a purchase with Wells Fargo, you should generally be prepared to wait up to two business days for a response to your offer or any counter offers.
Wells Fargo provides a website with their foreclosure properties online. The site allows you to set up listing alerts to receive lists of properties that meet your criteria that are new. Often these alerts will reach you prior to the home going on the market in the local MLS system. You can find Wells Fargo foreclosures online for free at this link.