Real estate owned
You may run across the term REO when looking at foreclosed properties. It stands for Real Estate Owned, which means the property was once owned by a customer but has been returned to the mortgage holder. Buying a foreclosed property can be less expensive but often must be purchased as-is.
We can help you find foreclosed properties in your area. Search by city, state, property features, and price. And, you can sign up to receive email alerts when new properties that fit your criteria are listed. Get started at Buying a Wells Fargo real estate owned property.
5-day bid window
If you're a homebuyer who plans to purchase and live in a foreclosed property, you have a 5-day window in which to place a bid before investors can. You can finance many REO properties through a lender like Wells Fargo, or pay cash outright.
If you want to purchase a Wells Fargo property or one managed by our REO division, Premiere Asset Services, you’ll need either a prequalification letter from Wells Fargo, a credit approval letter from the Neighborhood Assistance Corporation of America, or a preapproval letter from another qualified lender.
Other financing options
Looking at a foreclosed property that needs some restoration? Consider a Purchase & RenovateSM loan.
Want to use the equity in your current home to purchase a foreclosed property? Learn more about our home equity lines of credit.