REO Property: Offered for 45K ended up being bought by someone else for 30K...?

[Joe Delia]

Quick question. I offered 45K CASH on a property, and it ended up closing for 30K w/o me even receiving a highest and best...

Does this sound fishy to anyone else? Or is this simply a case of getting under contract and then asking for a repair credit? For me to not even get a highest and best seems odd though.
30K is way below any other comps in the area.

2021 Travis st. North Las Vegas

What possible situations could of occurred here?

[Anson Young]

as an reo agent, I can tell you a few things I think happened.

1. While the agent being in ‘bed’ with the winning investor is certainly likely, I don’t think so in this case. For one, there is WAY too much heat on a property with 17 offers, that’s 17 agents/buyers/investors who can and will cause huge problems for the listing agent if something was against ethics or law. Believe me, on a $30-45k listing, we are usually paid a $1000-1500 minimum. Losing your license or paying big fines over $1-2k is NOT worth it for most agents. REO agents are under a microscope now that inventory is down and there are many investors clamoring over the same deals.
2. More likely, and this happens very often, is the winning buyer got it and knocked down the price on inspection. Some asset managers are smart, and will say “go away, I have 16 other offers that will net me moreâ€, most are too dumb to know better and will grant the price reduction to get it closed ASAP. I have seen anywhere from $5k-50k knocked off during inspection, buyer simply says “due to the enormous amount of issues with the property, we will take it as is for $xâ€. Even though they signed addenda that state AS IS WHERE IS, you might be surprised what people get away with.

I don’t suspect foul play, unless the agent is dumb as rocks (further comment withheld ïŠ) and likes to play with fire.