Is Well's Fargo Obligated to Give Preference to Owner Occupants f

[Nigel Delaney]

Wells Fargo seems to pretend they give preference to owner-occupants, but this seems to be smoke and mirrors. In particular, there is an REO home for sale in my neighborhood that my wife and I would like to live in, we love our community but have been renting. However, although we are certain we can finance the house and have a large down payment, we don't quite have enough for an all cash offer.

This property is posted as only accepting owner-occupant bids during a 15 day window. However, the selling agent has told me she plans to sell it to an all cash investor and not an owner-occupant. Additionally, many of the terms of the settlement between HUD and Wells Fargo that seem to benefit owner-occupants (for example the requirement that a financing offer by an owner-occupant is considered as good as an investor offer, and that the properties be posted on a website in addition to the MLS) have been completely ignored her. The agent told me all cash as better and that they will not list it on the internet.

Is this legal? Do I have any recourse available to me to help allow me to compete with investors for this property?

[Watson Smith]

The listing agent doesn't get to decided who she sells it to.  Her job is to forward all offers on the house to the bank.  Get your own agent and submit an offer.  She has to turn that offer in... If not call your real estate commission.