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Buy a Foreclosure

Five things to know before you buy a foreclosure

Buying a foreclosed home or property can be a smart, economical choice for the right buyer.
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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 home or other property may be less expensive but often must be purchased as-is.

Property search

If you want to buy a foreclosure, 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. Talk to your home mortgage consultant.

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 may be able to finance many REO properties through a lender like Wells Fargo, or pay cash outright.

Financing

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.

Home equity options

Want to use the equity in your current home to buy a foreclosure? Learn more about our home equity lines of credit.

Talk to your home mortgage consultant.

 Did you know? 

With yourLoanTrackerSM, you can track your loan's progress from any computer, smartphone, or tablet. Ask your home mortgage consultant if it's available for your loan. Learn more

Premiere Asset Services (PAS) provides REO management for the mortgage portfolios serviced by Wells Fargo Home Mortgage.

PAS is the trade name Wells Fargo does business under to manage REO's on behalf of other large banks and financial institutions.

The Neighborhood Assistance Corporation of America (NACA) is a non-profit, community advocacy and homeownership organization.