If you are looking for a good price on a new home, you might consider purchasing a distressed property. Homes that fall under the definition of distressed property are often sold below market prices.
If you are looking for a good price on a new home, you might consider purchasing a distressed property. Homes that fall under the definition of distressed property are often sold below market prices. If you want to buy distressed property, Wells Fargo has many listings in most states.
Distressed property typically refers to homes that are in foreclosure, selling in a short sale, or real-estate-owned (REO) properties. Distressed refers to the financial situation of the current homeowners or, in the case of REO properties, the previous owners of the home. The term does not necessarily refer to the condition of the property available for sale.
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Wells Fargo can help you buy a foreclosed property in several ways. You can review helpful information on the Wells Fargo website that will teach you about the fundamentals of foreclosure purchases. Many financing options are available through the bank that can help you buy foreclosed homes with ease. These options include:
- Fixed-rate mortgages
- Adjustable-rate mortgages
- FHA and VA loans
- Home equity financing
- HomePath mortgages through Fannie Mae
- Purchase and Renovate mortgages for properties needing repairs
When you want to buy a distressed property, Wells Fargo makes these financing options available for REO properties as well as for foreclosures.
A short sale is designed to help the current homeowner avoid foreclosure and exit the mortgage. The bank allows the homeowner sell the home for less that is owed on the mortgage. You can benefit from a short sale by purchasing the home at a lower price than market value. Wells Fargo allows you to buy short sales directly from the bank. The short sale process can be tricky, but your real estate agent and a Wells Fargo representative can help you through the unique process of making an offer on a short sale home.
Wells Fargo has many REO properties available for immediate sale. These properties have already been foreclosed, which means that you are only dealing with the bank instead of the bank and the homeowner as with a short sale. Wells Fargo offers listings of its REO properties on its website, or your real estate agent can help you find REO properties for sale in your area. If you don't find the perfect REO property on the bank's website, you can also sign up for email alerts whenever Wells Fargo lists a new property that might meet your needs.
Buying a new home can be quite expensive, so if you are looking for a new home at an affordable price, you may want to buy a distressed property. Wells Fargo can help you purchase a new home, whether it is a short sale or an REO property. When you are ready to buy your next home, use Reply! to help you find a real estate agent in your area to help guide you through the distressed property purchasing process.