Our all cash offer accepted and entered into a real estate sales contract to purchase a foreclosure from Wells Fargo REO Branch in Los Angeles through their agent ReMax in October, 2009. No contigencies and all as is basis both acceptable.
Also offered a quick close of 15 days - all cash, left a substantial deposit with title company.
It has been six months and still no word from Wells Fargo REO. Their response stated they have not vested the title. Meanwhile Wells Fargo is paying the property tax at $1, 200/month, HOA fees + Mello Roos at $580/month and general house utilities. Plus their own insurance on the house probably at $200/month.
So that is about $2, 000/month for six months is $12, 000.
Can someone else comment on this situation as being "normal" for an Wells Fargo REO Foreclosure?
Wells Fargo Foreclosure Sale
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