REO … Listing Agent … How To Handle?

EWM69 profile photo
I came across an REO that I think may be a good deal. Still doing my homework on it though … The list price appears to include a rather high commission. How do I get around it if the owning Bank will only work through the agent? Additionally, how can I get verification on the amount the Bank is asking for? They keep referring me back to the agent (who by the way I’m waiting for a call back from). Details on the property: MV=$ 60,500 Sale amount=$ 30,600 (This is according to the County Auditor and its from a Sherrif sale a couple of months ago) List=$ 45,000 Taxes=$ 880 2 Story 3 Bd Sec System Decent move in condition and in a good rent district. If I’m looking at this right the agent stands to make quite a lot here. If I’m correct, does anyone know of ways to get around it? I’m considering taking a mortgage on it and would really like it to be closer to the 30k rather than the 45k. Sincerely, Ed

Comments(0)

  • rei_cat18th August, 2003
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    Offer the $30K, if that's all you want to spend on it. The worst that they can do is counter a higher price which you can reject in a heart beat.

    IMO, $15K off of the listing price on an REO (out of California) is a welcomed offer.

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