Potential REO deal - thoughts please, thanks!

[Daniel G.]

HI again,

Okay so I passed by this SFR in my neighborhood. I have had my eye on it for a bit of time. Drove by today and called the realtor. There is no sign yet, but it is listed. Spoke with the realtor for about 30 minutes and connected with him very well. I let him know that I am an agent, but not interested in making commissions for myself as I either buy and hold or flip to cash clients (end buyer) because of short term money. I also mentioned that I am looking for a REO listing agent I can work with and do business with....long story short, it was a great conversation and he had no problems giving me the majority of his inventory along with some prelistings. I also mentioned that I dont want a commission, he could take the full pay on it...ya he loved that one!

SFR - selling for $250k, just reduced the price a few days ago. Average selling prices in the neighborhood are in the high 200k's and last 90 days closed sales are well in the 300k's. I dont have buyers for this yet, but have no problems marketing in the area and blasting to our buyers list. House needs very little rehab...hardly any cleaning.

Thoughts and comments welcomed! I will post average active, pending, and closed sales tomorrow...