The Advantages of Buying Wells Fargo Foreclosures

People inevitably resort to financing especially since a majority do not possess unlimited cash resources to get them through big spending. Although there may be a few individuals who may have the cash, getting a real estate loan has still become more the norm for most people. There are different types of financing options available to you as a borrower – mortgage brokers, mortgage bankers, and commercial banks. Banks like Wells Fargo do extend home loans to those buying Wells Fargo foreclosures. The good thing about obtaining loans from these institutions is that they offer competitive terms especially if you’re an existing client or are willing to maintain an account with them.

There are no hard and fast rules when it comes to obtaining mortgage loans. As long as you have good credit, capacity to pay, and a history of being financially healthy, you will be able to obtain funding from banks like Wells Fargo.

Wells Fargo offer mortgage loans to buyers of Wells Fargo foreclosures

Photo Courtesy of Money Blog Newz via Flickr

What Is The Usual Process Of Buying Wells Fargo Foreclosures?

>If you are purchasing a Wells Fargo foreclosure, you will be required to provide:

1. A prequalification letter from Wells Fargo or one of its joint ventures

2. A credit approval letter from the Neighborhood Assistance Corporation of America or NACA

3. A credit-decisioned pre-approval letter from another qualified lender

>You do not need a prequalification letter if you intend to buy in cash but you may be required to provide proof of funds when you make your offer.

>You may be able to use your current home as equity to buy a Wells Fargo foreclosure

How to find Wells Fargo foreclosures

Searching for Wells Fargo home foreclosures is easy. By visiting the Wells Fargo website you will be able to:

>Locate Wells Fargo owned or managed properties that meet your needs by searching for city and state, property features and price.

>Signing up to receive email alerts when new properties are listed that fit your criteria.

>Receiving a timely response, either with a counter-offer or an acceptance, typically within two business days.

Purchasing bank foreclosed properties such as that of Wells Fargo foreclosures benefit the buyers. For one, these properties will have already been appraised for value so you do not need to pay for an appraiser. Additionally, properties under bank foreclosures typically offer a minimum level of pest certification and best of all, you can be assured that the home will have a clean title.

Related Posts Plugin for WordPress, Blogger...

Filed Under: Foreclosure


About the Author

Comments are closed.