WASHINGTON – Rebuilding Together and Wells Fargo have joined efforts to help communities across the country transition Real Estate Owned (REOs) properties into safe, affordable homes while continuing to help existing homeowners with repair or renovation needs through a new REO
homes program.

Through the REO program, Wells Fargo donates foreclosed homes to Rebuilding Together affiliates. Each Rebuilding Together affiliate then renovates the donated REO property and works with a real estate agent to sell the home to a buyer that is between 80-120 percent of the area median income.

As part of the initiative, buyers also are required to complete a homebuyer education class and show a certificate of completion before closing. The buyers also must live in the home; homes cannot be sold to an investor.