Profile picture for gyelenosky

Trying to buy a bank owned home not yet for sale

Hello,

I have been interested in this one particular house for several months. It went through sheriff auction in October 2011 and was purchased by Wells Fargo. It is now listed on Wells Fargo bank owned website as coming soon (has been that way for 5+ months). The house does have a listing agent and I contacted him but he like I has no further information on the price or date when the property will be available. I was wondering if there is someway I can contact the bank directly and if it is worthwhile.

Thanks
  • May 12 2012 - US
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Answers (8)

Best Answer

Profile picture for St George Utah
I had this same situation  not to long ago  ..  I'm a buyers agent and was working with a client that was wanting this certain property .. We knew what bank it was and who the pre listing agent was going to be , so I contacted the pre llisting agent and stayed in contact with him  and when the time came to put it on the  market the listing agent called me and we had our offer in right away and had it closed shortly there after ..   My advice to you would be to find a Realtor / Buyers Agent  that will stay on top of it for you ,  and connect with the listing agent ..   Just so you know it is free for you  to work with a Buyers Agent  the sellers are the ones that pay the commssion in most situations , so your way ahead of the game with knowledge and well represented  .. Your agent is there to help you with every step of the way .. Good Luck with your house hunting ..  If you have some questions , please feel free to contact me .   
  • May 12 2012
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You will most likely have to wait until the bank decides to put it on the market officially.  If they have multiple foreclosures pending, many times they will wait to put the home on the market for fear of driving down market prices by saturating it with low priced homes. Good luck!
  • May 12 2012
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Profile picture for gyelenosky
Thank you all very much for the advice.
  • May 12 2012
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Most banks do not deal directly with the buyers and list with a real estate agent to handle the selling/buying process. As all mentioned, you would be better off to get an agent to represent you who can stay in touch with the listing agent so you are alerted when the property goes on the market. While you can go directly to the listing agent yourself, please keep in mind the listing agent works for the seller and without an agent you have no representation.
  • May 12 2012
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Some banks are holding onto properties in hopes that the market improves. Wells Fargo also services loans for other lenders / investors so they might also be waiting for the green light from the actual owner of the property before listing.
  • May 12 2012
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Wait...stay in touch with the listing agent. Until the bank chooses to be "ready" to list it, there is really no way to make an offer. I have heard people who tried to make an offer on an REO property like this describe it as "banging their head against a wall."
  • May 12 2012
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Profile picture for gyelenosky
Thanks for the response. So all I can do is wait.
  • May 12 2012
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Profile picture for Ofe Polack
Banks assign their properties to either management companies or Realtors, you will have to wait until the agent receives the information and enter the property on the MLS
  • May 12 2012
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