Premiere Asset Services (PAS) is an industry leading third party REO (Real Estate owned property) outsourcer and evaluation service provider operating at scale and on a nationwide basis. It is important to inspect the property that one intends to buy. It’s not very well understood, but Premiere Asset Services is a department of the Wells Fargo Bank which is responsible for the sale of bank-owned houses and commissions agents to place these properties for sale, with a listing of the “Owner of Record”, not Wells Fargo. PAS will also put houses for sale which are owned by banks other than Wells Fargo. A reason being they don’t want these homes to be shown as ‘distressed’ in comparison to other ‘non- distressed’ homes.
The process starts with inviting applications from non-profit organizations for buying properties at reduced prices in return of offering home ownership and rental opportunities to members of economically weak sections. The complete listing of REO properties of Wells Fargo for sale can be viewed at the website of the Premiere Asset Services (PAS) Portal which is the asset management division of the bank. The PAS portal will allow you to conduct a nationwide property search according to your preference. The listings are available on the website and online requests can be made to buy one or more houses under the Wells Fargo Real Estate Owned Discounted Properties Program.
The REO/ Real Estate owned properties of Wells Fargo are those 1 to 4 unit foreclosed houses that have failed to sell at auctions and are now held by lenders. By taking assistance provided by Wells Fargo and its Premiere Asset Services, these lenders can sell their possessions since they are now the owners of that asset. Also known as Wells Fargo bank- owned properties or homes for sale, their sale process is handled by PAS with the active participation of listing agents.
Processes involved by Wells Fargo are – If they are unable to contact a borrower who defaults, they begin monthly inspections of the property. After confirming the house is vacant, they secure the property, remove any exterior debris, and arrange for lawn care that will stay in place. They take all the necessary measures to preserve and maintain the condition of the home until the property is sold. Subsequent to foreclosure proceedings, The bank and PAS will collaborate with local estate agents to sell the home as quickly as they can to release the equity. Wells Fargo Home Mortgage services mortgages for other lenders and investors, and may manage foreclosed properties through PAS, working with local real estate agents to sell the property.
With over 40,000 REO properties under management, Premiere Asset Services offers scale, financial strength, experienced and tenured REO professionals and industry leading technology necessary to tackle any REO portfolio.
Homes are a one-time investment. They should always be worth of every penny spent. Premiere Asset Services with Wells Fargo Home Mortgage has assisted over 30,000 homebuyers realize their dream of becoming homeowners through purchase of REO properties. Wells Fargo bank owned properties are offered in all the 50 states of the United States.