Buying from Wells Fargo's REO Department

Foreclosures, Short Sales, Tax Foreclosures
1

Has anyone purchased from WF’s REO Department? If so, were you able to negotiate a decent deal?

We had an unsuccessful shortsale with WF holding the first at $143K and HSBC holding the second at $17K. The ARV on the home is $155K (repairs needed are approx $30K).

This is a nice home (2 years old) but damaged by its owner who had a substance abuse problem. We would like to do something post-foreclosure but wanted to see if anyone had any luck with WF in particular or if you were able to work a nice deal once it went to the REO dept of any lender. Thanks for any ideas/comments. Have a great day!

2

It only takes a few minutes to submit an offer. The worst that can happen is they reject it. Ignore what’s owed on it. Write an offer that’ll allow for you to make an acceptable profit. The longer it sits the more likely they are to accept a low offer.

3

Beautiful! That’s what I wanted to hear. Thanks!

4

can an investor call REO dept and ask to buy the property ?
how do you get the REO department # w/o getting transferred around ?

5

I was going to call the loss mitigation dept and ask for the number. I will let you know if that works.