REO properties are foreclosed assets banks sell to recover loan balances. You can find them on lender websites, MLS, or auction platforms. They may be priced below market but are usually sold as-is and may require repairs or clear title work. Use an agent experienced with REO transactions, order inspections, and confirm financing or proof-of-funds requirements before bidding.

What bank-owned (REO) properties are

Real estate owned (REO) properties are homes or commercial parcels that a lender took back after a foreclosure. Banks then sell these assets to recover outstanding mortgage balances. REO listings often sell "as-is," and they can be priced below comparable market listings - but they may need repairs or title work.

Where to find REO listings

Many large lenders maintain REO pages on their corporate websites and work with licensed agents or third-party marketplace partners to list properties. You can search by location, property type, and price range. Listings may appear on the lender's site, the local MLS, or online auction platforms.

If you prefer a traditional route, a licensed real estate agent who handles bank-owned sales can search MLS and lender channels for you and guide your offer.

Types of properties banks sell

Banks typically sell residential single-family homes, condominiums, and multifamily properties. Some lenders also manage commercial, retail, or agricultural properties that became REO, but availability varies by institution and region.

What to expect when buying REO

  • Price: REO properties are often discounted compared with active listings, but not always. Market conditions and the property's condition determine the final price.
  • Condition: Most REO sales are as-is. Budget for inspections, repairs, and possible code or safety updates.
  • Process: Lenders usually prefer clean, fast closings. Some properties sell by offer submission, others via auction.
  • Financing: Conventional mortgages and renovation loans may be available, but some sales require proof of funds or cash, especially in auctions.

Working with agents and inspection professionals

Use an agent experienced in REO sales to evaluate comparable sales, prepare offers, and negotiate contingencies. Order a professional inspection and get title research early to identify liens, back taxes, or encumbrances that can complicate closing.

Practical tips

  • Research comparable sales to set a realistic offer.
  • Account for repair costs in your bid.
  • Confirm the listing channel (bank website, MLS, auction) before making an offer. 1
  • Ask the lender about the required documentation and any seller concessions they may offer.
Buying a repossessed home can be a way to secure a property in a desirable neighborhood for less than current market prices. However, due diligence - inspections, title checks, and realistic budgeting for repairs - is essential.
  1. Confirm current Wells Fargo REO/property-listing webpage URL and listing process.
  2. Verify which third-party marketplace or auction partners Wells Fargo currently uses for REO sales.
  3. Confirm whether Wells Fargo actively lists commercial and agricultural REO properties and how they are marketed.

FAQs about Wells Fargo Bank Reo

Does Wells Fargo list REO properties online?
Large lenders, including Wells Fargo, historically list REO properties on their websites and through agent channels or third-party marketplaces. Availability and the exact listing portal can change, so check the bank's property page or contact their asset-management team.
Are REO properties always cheaper than market listings?
Not always. REO properties are often discounted, but price depends on market conditions, property condition, and competing offers. Factor in repair costs and closing timelines when evaluating value.
Can I get a mortgage to buy an REO home?
Yes - many REO purchases close with conventional, FHA, or renovation loans. However, auctions or distressed sales may require cash or proof of funds, so confirm financing requirements before bidding.
Should I get an inspection for an REO property?
Yes. Even if a lender resists repairs, an inspection reveals needed work and helps you calculate the true cost of ownership and negotiate contingencies when possible.
Do banks sell commercial or agricultural REO?
Banks can and do dispose of commercial or agricultural assets that became REO, but these listings are less common and handled differently than residential sales. Availability varies by lender and region.