Well Fargo Foreclosure Property
Posted by Robert Moreno on October 13, 2003 at 13:49:54:
To Whom it May Concern;
I recently presented an offer on behalf of my client for a property that has gone through the foreclosure process and has been returned to Wells Fargo Bank. The property is located in California. The address is 733 Longfellow Court, Tracy, CA. 95376.
The offer was presented to the real estate agency marketing the property. Our offer has been put on hold for 30 days and then maybe it is said that it will be reviewed. I have tried to understand the reasoning behind this but have not been given a satisfactory answer.
Looking at comparable properties in the area and the condition of this property our offer is a fair price. The property has been totally trashed by the previous owner. Walls have been kicked in, sinks and toilets removed, banister going upstairs has been ripped out, carpets are ruined, tile needs to be replaced and much more.
The home comparables are at $391,000. The work that has to be done will range from $30,000 to $50,000 to be completed in order to bring the house up to its present worth on the open market. This does not include all the other expenses that arise from holding onto a foreclosure property. These are expenses that Wells Fargo stock holders will have to absorb.
Would you please have someone contact me to explain; Why it is in the best interest of Wells Fargo Bank to hold on to this property, in a market that is in the slower months, instead of selling it to someone who is willing to pay fair market price and very able to get financing from Wells Fargo.
Am I wrong in thinking that Wells Fargo’s’ business model is banking services and loaning money not selling rehabilitated real estate? We have offered a fair price but more importantly we have also offered a buyer that will use Wells Fargo as the financier. Is not this where a profit will be realized?
Please have someone call me to explain to me if my logic is incorrect. I can be reached at 925-240-8077.
I respectfully look forward to your response.
P.S. Since I wrote this email I have found out that the repairs will be done on the home. I suspect that if done correctly the repairs could be up to $30K and possibly more. The work will hold up the sale of the home for at least another 2 to 3 months. The market is already slow. I just went out with this buyer to look at similar homes. My buyer and I have decided that if we buy another home we will use another lender. The way I see it with some rough numbers you could stand to lose up to $250K plus cost to repair because of your REO company and realtors lack to act on your behalf.
Robert Moreno
925-240-8077
- Re: Well Fargo Foreclosure Property - Dawn A. King - Lloyd 09:10:07 07/14/05
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