REO Community Development- flyer from Premiere AssetSM

Premiere Asset ServicesSM
REO Community Development
Premiere Asset ServicesSM (PAS), a division of Wells
Fargo Home Mortgage, seeks to stabilize communities by
partnering with municipalities, nonprofit organizations, and
land banks. Wells Fargo provides sustainable homeownership
opportunities for neighborhoods and communities by
providing a first look to approved organizations and
donating low-value properties.
Discounted and donated properties are transferred with all
taxes paid current and liens satisfied. Properties not sold
through the first look program or donation are typically
repaired and marketed to owner occupants to further
stabilize communities.
The National Community Stabilization Trust (NCST), a
nonprofit partner of PAS, conducts all organizational vetting,
on boarding, and provides tools for the acquisition process.
After an organization is approved, they work in conjunction
with the NCST and Wells Fargo to acquire properties via the
donation program or the NCST First Look Program.
Nonprofit application process for
first look and donations
NCST inquiries and application requests should be sent to
firstlook@stabilizationtrust.com. To review basic eligibility
requirements, please visit www.stabilizationtrust.com.
Specific inquires regarding PAS REO
Community Development should be sent to
REOdonationprogram@wellsfargo.com.
Locating a property
Approved organizations work with the NCST to identify,
review, and accept properties using market analysis and
online resources.
Organizations working outside of the NCST and owneroccupants can search for properties at reo.wellsfargo.com and
have the ability to set property alerts.
Home buyer priority period
If all qualifying first look buyers pass on a property, and it is
determined not to be a donation candidate, it is listed for sale
and is available for review on reo.wellsfargo.com. PAS gives
owner-occupant buyers the opportunity to purchase their
next home without competition from buyers not intending to
occupy the property by establishing a homeowner priority
period on all listings:
•D
ays 1 – 7: No offers will be considered during the first
seven calendar days a home is listed.
•D
ays 8 – 15: Offers from buyers intending to occupy
the property as their primary residence, nonprofits,
municipalities, will be considered.
• Days 16 +: Offers from all buyers will be considered.
Wells Fargo Home Mortgage is a division of Wells Fargo Bank, N.A. dba Premiere Asset Services.
©2012 Wells Fargo Bank, N.A. All rights reserved. AS972194 11/12