Please HELP!!! Need insight on REO deal. - Posted by Stacey
Posted by Stacey on July 08, 2002 at 11:28:30:
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.