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 Some of the floor joist have been replaced by the bank as well.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?
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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.
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