Posted by KL on July 13, 2002 at 22:36:00:
If it is a true REO then in my experience it has already gone to auction. When it becomes an REO, the bank has usually purchased it at auction. So I don’t quite understand your question. And yes, the seller pays the Real Estate Agents Commission, not the buyer. I would really check out this agent. Contact another agent about the property and see what they have to say.
Please HELP!!! Need Insight on REO Deal. - Posted by Stacey
Posted by Stacey on July 08, 2002 at 11:27:05:
The bank has a REO that?s worth 150k and has a first of 75k. I am attempting to get this property before it goes to the courthouse steps. They want me to put up 25k ? leaving a balance of 50K- and they will quick claim the property to me. I am getting all this through an agent that the property is listed through. The agent is expecting me to pay the commission on the purchase. Is this appropriate? Shouldn?t? the bank pay her commission?
How should I handle this? What should I do to cover myself on this deal? I?m pretty much a newbie and this will be my first deal. What contingencies (outs) should I place in the contract for this type of deal? I need to move on this fast, but I want to move correctly… Any insight would be greatly appreciated.