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Would You Do Business With This Bank ("PAS") / Wells Fargo Home Mortgage?

|Includes: Wells Fargo & Co. (WFC)

Below is the letter from PAS / Wells Fargo Home Mortgage bank on an offer I made on a Forclosed Property:
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Multiple Offer Disclosure

"If you fail to execute and return this document, we will not consider your offer."

Dear Buyer:
We are involved in a multiple offer situation on the above property.
Premiere Asset Services ("PAS") will entertain and consider all offers in the following manner:

1. All offers must be in writing; no verbal offers will be accepted.

2. The Listing Agent must receive your best and final offer no later than the close of business ____. Delivery of such offer may be via facsimile.

3. The following terms and conditions shall be applicable to you and to any offer you wish to submit:

  a. PAS shall have sole and absolute discretion to accept or reject any offer received. PAS is not required to accept any particular offer, regardless of its terms. PAS has the absolute right and discretion to reject all offers.

  b. Subsequent to the receipt of offers, PAS shall have the absolute right right to deal directly with any broker and or one or more offerors to further negotiate the terms and conditions of any offer. In so doing PAS shall have no obligation to negotiate or communicate with each and every other offeror or with any of them.

  c. In accepting an offer, PAS shall make its decision solely on such lawful factors and criteria as it, in its sole judgement, deems appropriate under the circumstances. Priice is but one factor to be considered.

  d. Under no circumstances shall verbal communications between an offeror and PAS or any agent or broker constitute or create an obligation on the part of PPAS to sell a property to anyone under any terms.

  e. The acceptance of an offer shall be considered upon the subsequent execution by Buyer and Seller of a written contract of sale setting forth terms satisfactory to PAS. PAS shall have no obligation to sell the property unless and until such written contract is fully executed.

Please sign below to acknowledge your understanding and acceptance of this process and return this form to ______ no later than the time designated above for the transmittal of offers. Failure to transmit such acceptance may prevent us, at our discretion, from considering any offer you may wish to submit.

UNDERSTOOD AND AGREED
________________________
, Buyer

"If you fail to execute and return this document, we will not consider your offer."
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     Here is a link to Premiere Asset Services ("PAS") Wells Fargo Home Mortgage (in case you have doubts who they are): http://www.pasreo.com/pasreo/public/content.do;jsessionid=962E071D006C575F8DAC7B7D181ADBD6?pageID=2000576
 
     I have not found one bank in Virginia that is putting out this disclosure until after they have put the price far below its real market value and taken many offers. 
 
     They intentionally do this to start a bidding war between buyers if possible.  If they get only 1 offer, they do it to see if they can get the one seller to bid against themself. 
 
     These banks have excess inventory and they are not releasing it on the market except for a few at a time, so it keeps the prices up.   
 
     They can afford to do this because of the money the American Taxpayer paid to bail them out.  The bailout to allow them to screw the public more.  

 
     How do you know if there are even other bidders?  Maybe you are the only bidder on a house.  Only a fool would bid against themself.  
 
     Can you see that this disclosure is 100% one sided and it is not to the benefit of the consumer?  It is there to allow the banks to push the buyer or buyers into screwing themself or each other.
 
     If the bank wanted to "Do what's right", they could set a "minimum offer acceptable" and a set up a disclosure that stated the playing field is level among buyers and the best legitimate offer will be accepted.  If they are under time constraints they could pre-qual the buyers.

'Disclosure: No positions'