Wells Fargo
Has any one done a deal with Wells Fargo on a forclosed home...We found a home just gone to the listing agent and we are interested in purchasing the home but at a lower price.
the home values inthe area are 225,000 to 275000.
When reviewing the county records it appears they owners purchasedthe home for 280,000 and the loan balance was 270000. However when viewing the home there is moisture in the basement an all walls and eversence (spelling my be incorrect) and some mold growing.
Well, that said we are wondering if the bank may be willing to negotiate...I know some lenders are not as willing to negotiate.
So, if anyone can give me any facts on this lender I would greatly appreciate
Take Care !
Michelle
The only home purchases I have done with Wells Farge have been short sales, but in a short sale the home is still occupied by the home owner and was in the beginning stages of the foreclosure process. Wells Fargo loss mitigation division was extremely good to work with and very professional. I have not bought a home from Wells Fargo after it has already gone through the costly foreclosure process. It sounds like the home you are looking at has already been foreclosed on, is vacant, and listed with a realtor? Is that accurate?
If the home has already been foreclosed on and you believe their realtor has listed it too high. I believe I would still go through the motions of showing why the home is overvalued such as take pictures of repairs needed and estimates of those repairs, comps for the area, etc, and submit those with your offer (similar to the items you would put in your short sale packet). We have had success with large banks that have an "overzealous" realtor that believes the home is worth 100K when it is only worth 70K, we have done our due diligence to show our offer is fair by providing evidence like pictures and repair estimates along with current comps from our realtor, along with a net sheet to the bank with our offer and it was accepted.
Best of luck,
MemphisREI
MemphisREI
MemphisREI~
Thanks for your Info...Yes, the home has been forclosed on an agent it. She only deals with forclosures,however the home has not been released to public yet, I found it on a REO site. My husband holds a realestate license and therefore she let us come by as a Trash removal company was there cleaning it out.
I will do some more homework and get comp to place with the bid...Thanks ...let you know how it plays out
mihelle
cjmazur~
Yes, we are willing to take onthe water issue, my husband works in commercial real estate and has contactors that can do the work at a good cost if need be.
We have taken pics to submitt with the offer or the water and mold. However, if the bank is selling "as is" do they have to diclose the mold issue? The reason I ask is b/c we submitted and offer on another home that the basement was one big petrie dish and ahad exstensive damage and we were alittle overzealous and paid $300 to have an inspection done...long story short we put in a low bid due to the extensive work that would have to be done to make the home livable and the bank has NEVER disclosed it to anyone else and our advertising a fininshed basement.
Michele
If it has been listed for sale in the past, a real estate agent might give you an old listing. The info may not be up to date, but the number of bedrooms, bathrooms and square footage should be accurate most of the time.
I have done alot of my background work on the county auditors website. Most of them have all the info you are looking for.
best of luck
My apologies, I just realized I accidentally clicked into the commerical forum instead of the residential forum. I am sorry for posting in the incorrect place.
Thanks,
MidsouthREI
Ok, since a kind moderator moved my topic from the commercial forum to the correct residential forum, anyone out there with some advice or even an opinoin on the deal?
Any advice or comments would be much appreciated.
Thanks,
MemphisREI
And thanks to the moderator for moving my topic
sounds like more than 10K of repair to me. Someone is going to have to take it in the shorts to make it profitable.
Unless the upside is SO!!!! great due to the golf location.
Thank you so much for your comments and posts. I agree, I think it may be more than 10K in repairs too.
Thanks,
MemphisREI