OfflineI have been researching a purchase list of homes purchased in my local area over the last 90 days to find some potential buyers. I came across a foreclosure property that is owned by Wells Fargo. How do I contact the bank to inquire about the property? The home (based on comps) looks to be worth $100,000 more than they purchased for 7 months ago. I am new at this and haven't done any deals yet so any suggestions or advice is greatly appreciated! Thanks.
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You will find that just about all REO's are listed with agents. I have found there is only a few agents who sell the REO's. After a while you get to know who they are.
If you have an agent your working with, give them the address and they can find out the details of the property.
Many times lately, the REO's may sit vacant for up to a year before they are listed.
The banks and the government entities, Fannie, Freddie and HUD, have not put a large number of the foreclosed properties on the market as to keep the market moving forward again. If they put them on the market all at once, like they did in 2009-2011, the real estate market would continue to deteriorate, instead of having the recovery we are now experiencing.
Good luck,
Jim
Hi Jim gave you a wonderful and complete answer, go with it, Jim
jbischoff
Thanks Jim for your thorough answer. I appreciate it! I will see what my agent can find out.