Is This Deal Plausible?
Now down to business. Let me know what you think. I found a house in need of repair, 10,000 to 15,000 worth. It is bank owned and has been on the market for 50+ days. The realtor who is handling it for them is a little greedy as he has the price at 94,900 and the comps are at 105,000 to 107,000. As you can see, when the math is done, that doesn't work. BUT, I can tell this guy is trying to make a big commission and is not doing a very good job of selling the house for the bank. So what I want to do is try to pick this up for 60,000 to 70,000. How you ask? Well, I want to send a sealed offer straight to the bank via the realtor. Correct
me if I am wrong, but the realtor is not allowed to look at it if I say for owners
eyes only. I believe that after this many days on the market(50+), the bank is sick of
this property and that they will accept it. I have a shot, anyway. So anyway, tell me what you think about that deal and also tell me if I am right about the realtor having to deliver the sealed bid directly. 
By law if the realtor doesnt show the bid to the owner of the property he/she will lose there license. As far as owners eyes only, I would just tell the realtor that you would like to talk directly with the owner. If he/she refuses put in your written offer with a stipulation that you would like to talk to them directly.
Good Luck,
Kyle
Thanks! That was a big sticking point for this deal. This is my first one so I want to do it right.
some realtors are crazy usually it's the bank sometimes they hold because of appraisal . I had one bank never respond with a 10K under list offer dont stop looking for your first wile they think about what they want to do.
You could try to expedite the offer by needing to get an offer on another deal good luck, numbers game
Kind of OT, but how do I get a hold of a good listing of REOs? Do I just call up any lender in my area and ask? Where would be the best place to find them? TIA.
I found this house by driving around, but you can find these deals in the paper, calling up lenders, or talking to a good realtor. Just keep looking.
The Ghini