Wells Fargo Reo Help!!
hey all. i'm getting really stumped getting the run around from wells fargo on a home that they own but won't give me info for. i'm ready to purchase it and the research shows that they own it. tax billing goes to ameriquest but calls to both places have turned up NADA!
i've called wells fargo to find that they have Premier handling all thier reo's - BIG BUT, premier doesn't have it listed and I can't find a number for them to ask if it's just not made it onto thier site yet. This is pissin me off (for lack of better terms). Calls to ameriquest proved to be wasted time and calls to wells, well, they just won't talk to me - saying they can't give me any info on them unless i know what kinda loan it is - fha/hud, conventional and if it's fha check the site, blah blah blah. well i kno, it's a conventional loan and they own the damn thing - why can't i buy it from them?
has anyone had this prob with them? i'm not sure where to post this, but since it's a foreclosed property, i tried here.
thanks in advance for any help!!
YES!!!!!!!!!!! I swear reading your article was like taking a journey back to last week!
The house I'm looking for was listed in the MLS, and then taken off. So I called Wells Fargo, got the runaround, went to the Premiere website, go the runaround and finally the property just happen to be listed again.
I say, find a realtor, look the property up in the MLS and see what info it has on it. Sometimes, it's an expired or withdrawn listing, find out who the property was listed with and call that agent to see if you can get any information.
I also say, if there is a Wells Fargo bank in your area and the home is listed in your area, go the local bank. It's hard to bulls&%t someone face to face. Tell them that the property is listed with them, but you cannot find who the listing agent is.
Lastly, keep calling Wells Fargo, ask to speak with a loan officer (try the Loss Mitigation Dept), tell them what the problem is . Sometimes, the property is just withdrawn to reevaluate it. Stress that you are a cash buyer.
Lastly, get a realtor or friend and keep checking the MLS, sometimes they just may relist it. Hope this helps.
Dee <IMG SRC="images/forum/smilies/icon_wink.gif"> [ Edited by DeeLewis on Date 11/19/2003 ]
Just thought I would add my recent bout with US Bank. I found a property owned by them and called to get some information on it. I must have talked to 10 different people and everyone of them said they had no record of that property. I found out the next day that it was listed with a local agent so I called the agent and asked her who owned the property and guess what, US Bank did! I wonder if they don't play stupid to protect themselves legally from giving out info when its listed.
Dee and nax, i just realized some cool info. i finally spoke with someone who helped at wells fargo and they told me something that i should've pinched myself for not already thinking about!
my home (yes, i'm calling it MINE now) is not listed because it's still in the right of redemption period and they can't sell it. aaaagggghhh! so now, i can go back to the previous owner and ask her to pay off the sale amount and give it to me! hahahaha. it sold on 4/03 for under 3k at the sale. when i researched it and found out that the owner lost it, i was pissed to find out it was only 2900 bucks. so now, i'm seeing the light again. very cool - yet i feel like an airhead for not thinking of this before.
now i'll have my 60k+ home for a measly 3k. hehehe. i coulda saved myself about 15 phone calls, 7 days and a buncha frustration if i'd thot of this OR if wells fargo's phone help was any more thorough!
thanks for your input ...
How does that work? How long is the redemption period? I am very interested.
when buying sheriff's sale properties, the owner has 1 year (in PA, different for each state, i assume) to catch up on back payments and "redeem" the property. so for the first year, anyone who sells it or does any work to it - could potentially lose the monies invested in repairs, etc ... if the owner comes back and says "ok, sorry y'all i have the money now - get outta my home!"
But if the owner makes the back payments and the loan is current what happens to the financing that was on the property. Will you pay the back payments then buy it "subject to".
I don't understand how you are getting it for 3k. Could you explain that a bit more clearly for me? Zach
With REOs, only deal with the preferred listing brokers for bank owned properties. Do not beat yourself up calling banks, they hate hearing from investors. It's either loss mitigation before the auction, or the listing broker after the auction AND after the redemption period, if there is one in your state.
Use that redemption period to your advantage! Dave
u got it nax!
dave, no doubt about it - now that i realized i was dropping the ball on it, i'm taking full advantage of the redemption period and i've already contacted the "previous" owner and am just waiting us to stop playing phone tag so I can make her and my day.
zach, all it is is basically that the home was only 2900 in arrears (delinquent back payments). that's ultimately what the home was given back to the bank for - assuming the balance of the loan wasn't met at the sheriff's sale. but since she has a 1 year right of redemption (right to buy property back) as the foreclosed owner, if she or i makes up the back payments and has the loan reinstated to current, then i take the deed from her and the place is mine - i'll just continue from there with payments. it's not really me buying the house for under 3k, it's just me owning it for $3k - she'll still own the balance of mortgage - even tho i'll be paying it for her.
either way, i'm happy as a pig in shyt.
hahahaha.
Quote:... if she or i makes up the back payments and has the loan reinstated to current, then i take the deed from her and the place is mine - i'll just continue from there with payments. it's not really me buying the house for under 3k, it's just me owning it for $3k - she'll still own the balance of mortgage - even tho i'll be paying it for her.jackman,
For most lending institutions, I believe the normal procedure for redemption is to pay the entire mortgage balance and all costs of foreclosure in full. Lenders usually don't reinstate loans during the redemption period; instead the entire balance of the former loan is called due.
Once the lender has taken the property through foreclosure, there is no mortgage anymore to reinstate. The property is owned by the lender free and clear. They just can't deliver clear title until the redemption period has passed.
oh ok DaveT, thanks! i read that in the redemption period that if you caught up back payments, you could start fresh. see, that's why you can't believe everything you read! i may have a bad source. hahaha.
even with this (bad news), it's still a good deal tho.
That makes a lot more sense to me now. Thanks - Zach
jackman,
Could you be confusing a reinstatement period with a redemption period.
Restoring a past-due loan to a current status is called reinstatement.
The Right of Redemption is the right of a property owner to redeem his/her real estate from foreclosure or tax sale by paying off the amount owed.
There is a game to be played here and I am sure Jackman will find it. Should he pick up deed from the nice lady in another name. Record and hold. Then wait to expiration of the Period of Redemption and claim ownership.
Or should he perhaps merely start a refinance of his new property and pay off the unpaid balance still due on the property.
Or should he just hold and merely rent out the property during the Period of Redemption and then forward claim made on prior tender.
Sounds like a lot of fun. I would really research the laws and foreclosure procedures of the state. Just might be a killing instead of just a good deed.
Come on Jackman go for it I got faith in yah.
Your Pal Lucius
dave, thanks for the explanation. i realize the difference between reinstating and redemption tho. i've done this once before in the same scenario and had the *previous* (and i use this term loosely - not really sure WHO the owner is if a previous can come back and reclaim it) owner get current from the new buyer's deposit and was able to hand my uncle the home that way - he just picked up payments as if nothing ever happened - everyone was happy. bank never spoke up again until they foreclosed on HIM, hahaha. but that's another [complicated] story!
with this, if my understanding of the process isn't clicking on all cylinders, then i have to read up on the laws. but either way it will get done. like lucious said, i will tease the situation until i find out how to make all smiles. only thing i'm really stuck on right now is when we get this done, will the previous owner still have the foreclosure on her credit history - or does the right of REDEMPTION take care of that as well. this is the part that confuses me. maybe some way i can lobby to have that removed as well?
Jackman,
Are you certain that PA has a right of redemption after a Sheriff Sale ? I don't think so.
I believe they do after a TAX Sale, but if they are in foreclosure....it's final.
At least this is my understanding for Allegheny/Westmoreland Counties.
Either way, good luck with the deal. I would check to see if the deed was transferred to the "bank". If the deed was transferred, I'd say they own it.
Dave T and davehays are standing in the bright light of enlightenment.
First, if you're dealing with foreclosures and you don't know your state's foreclosure statute from start to finish-backwards and forwards-SHAME, SHAME, SHAME!!!.
A bank will not offer a property for sale unitil all legal issues have been resolved.
Many years ago,. I was of the opinion that I should get to the bank within hours of when the bank foreclosed or at least before the REO was listed with the real estate company. i reasoned that if I could save them time and money. I could eliminate competition, save time and make more money (not necessarily in that order).
A bank REO manager told me to try this gambit. "Make an offer before it reaches the real estate company". Three words, It aint www.so.I wish I had back all these hours, days, weeks it wasted with this futlie effort.
Banks (the large ones) are in the banking business. They leave the real estate business to their preferred real estate company. One senior bank V.P. told me that they get hundreds of calls a day from investors and other pest inquiring about properties they have taken back. Their policy is to get this dude off the phone as quickly as possible. No information, no knowledge, and no encouragement.
Here's a suggestion. You know which financial institution has take the property back. Find out which real estate company and which department/agent within that company handles their REO.
Ask her for the information. Or, ask her to be put on the list for that property. If your a player, you will get the inside track. If you're just a kibbitzer, then you will be penciled out quickly.
thanks pahomes and sammyvegas.
yes, the property is actually in allegheny county, tho i'm in philadelphia county. i used to live in pittsburgh which is how i know the place to begin with. i realize there is no redemption period here for it, but there is one (sorta) according to the bank - so as sammyvegas said, it must be because the sale isn't finalized - thee must be some unfinished biz.
i'm learning more about it every day sammy (shame shame shame). hahaha. the bank is on the deed tho and it was transferred - i was told by the reo broker tho, that it isn't available for sell during the "redemption period" yet. it was as confusing for me for them to say this, knowing that there isn't one - so i can only attribute it to the fact that there are unresolved issues. who knows at this point. so my recourse now, i suppose, is to attend penn's law school to read up on the thousand years worth of foreclosure laws! hehe.
i really thought i knew this area fairly well, since i've purchased a home like this in the past and have dealt with foreclosures in other capacities since, but i guess all banks don't operate like that five-and-dime bank i dealt with before. they were glad to resume payments as originally set up.
thanks for the super valuable input, i'll let you guys know WHEN and HOW i got it.
Go for it Jackman. If you need any help, let me know.
[ Edited by Pahomes on Date 11/26/2003 ]
Sorry, I thought I was posting my question in the post reply section...
Does anyone know what the redemption period is for the state of GA?
So, correct if I'm wrong. During the redemption period the title is free and clear and the lender owns the property. Once the property has been bought back by the bank, which is now an REO property...the homeowner can or can not purchase back his/her home after the during/after the redemption period?
I'm trying to understand this phase of foreclosure.
Thanks!