I am interested in purchasing an REO from Wells Fargo and here is the listing.
The home has had some water issues under the house and the bank per the realtor has placed a sump pump with plastic under the house. Some of the floor joist have been replaced by the bank as well. They also painted the house walls, doors, and floors to eliminate a cat odor. The house needs work as in new windows, kitchen, flooring, heating and air etc. Some of the subflooring needs repaired. I think 60K would get it in decent shape. This would be my primary residence and place my current home on the market, and in the future turn this into a rental, so no high end up grades. I would offer 40-45K for the home, any thoughts. Does the bank usually install pumps under floors with water issues and rip out carpet due to odors?
The link did not work for me
well, it sounds like they are interested in keeping the house " alive". here in buffalo, i have personally seen more than one wells fargo house be torn down. i cannot imagine how a bank can profit from a foreclosure loss by tearing the place down, but i guess that is up to them. you need to contact them, particularly their REO department. ask to speak to the manager and express an interest in the place. otherwise, they will put it on the auction site and you will have a lot of competition.
In my experience, it's a waste of time trying to contact the REO department.
Free eBook from BiggerPockets!
Join BiggerPockets and get The Ultimate Beginner's Guide to Real Estate Investing for FREE - read by more than 100,000 people - AND get exclusive real estate investing tips, tricks and techniques delivered straight to your inbox twice weekly!
- Actionable advice for getting started,
- Discover the 10 Most Lucrative Real Estate Niches,
- Learn how to get started with or without money,
- Explore Real-Life Strategies for Building Wealth,
- And a LOT more.
Sign up below to download the eBook for FREE today!
We hate spam just as much as you
You must be a BiggerPockets member to post on the forums
Join the world's largest, most open Real Estate Investing Community online, 100% free forever!