hello out there.
I have been a PAS agent that is a Wells Fargo agent and received many listings over the years especially here in South Florida which still is one of the top states for foreclosures. I know the REO market is not what it use to be but after speaking with the other PAS agents in my area they too have not received a listing in 6 to 7 months. I thought it had something to do with the banks wanting more financial assets on their books for end of 2015. We are now into 2016 and I know they are out there i have friends who work for the Inspection companies driving around handing out notices and checking on bank foreclose and vacant properties for the different companies out there.
Does anyone have any insight what has happen to the Wells Fargo REO's?
Homesaver Real Estate LLC
They are shutting out agents and going to more Auction type transactions and are also selling notes to third parties REO companies. I get properties all the time from secondary loan servicers or REITS who purchase the notes.
I worked with Wells Fargo for more than six years selling their foreclosed properties in the four county area and I though I had a good relationship with them buy when I had emergency brain surgery and was not able to be in contact with them, they took me off the Broker List. When I tried to explain that I had been in the hospital with brain surgery the asset manager, nadia Gonzales said she hears that all the time and she would not let me explain. I have not had a listing form Wells Fargo in five years.Shirley
I used to be a PAS agent, many years ago. Ive noticed that I recv quite a few properties from Wells Fargo through Nationstar..... they go to auction. Seems the auction route is more profitable to them..... God knows....
just a thought....
PAS dismissed over 75 % of their agent network across the US beginning late 2014 and early 2015 via a letter sent to the agent network.This was discussed on here when it happened. They kept very few agents on board to list their now normal supply of foreclosure files. PAS closed their entire California REO asset operation in late 2015. In Ohio there are 2 PAS agents for the entire County that I am in. There used to be at least 5-7.
HSBC closed their REO offices across the US in late 2014 and turned their asset management over to Altisource. They did reopen their Fla branch 6 months later. But there entire California Corporate office closed and all their employees and agents working there or with them for many years had about a week notice that their jobs were over.
BAC now sends most of their under 100 K properties in my area and beyond to auction via Nationstar.
In our area there are still a few lenders with REOs waiting to be processed through the system that are not assigned yet but not too many.
The over supply of REOs which caused expansion and opening additional offices for All REO owners or asset companies in 2007 and 2008 and through 2012 is over for now. Back to the old foreclosure stream of pre 2007.
We all have different experiences per our locations. I can only live my own but I do have contacts in other States and areas who confirm the same experience in their area.
Short sales and REO market is been slow since last year, banks are holding the properties but don't know why.
The office in this area has closed. Spoke with an asset manager on Linked in the other day. That may be a good place to look for info.
The BPO's have also dyed up. Through the end of 2015 it was really nuts but since the 1st of the year it has just died.
Hi Wayne - I'm seeing a lot of assets going through Auction.com. They have been marketing the foreclosure sales in our marketplace.
Many of the larger banks, Wells Included, sold off much of their portfolios of bad loans to investors and they are selling the via Select Portfolio, VRM, USRES and OId Republic. We get a few listings from Wells now compared to years ago.
@Cece ..very few... and they could be from two years ago. I have one that I have been managing for two years and just getting ready to get the ok hopefully this month to finally list. I have spoken to all the REO PAS agents here, they have no inventory either.