REO … Listing Agent … How To Handle?
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
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.