I'm contemplating on making an offer for an REO. The bank is asking for 130K. The property is really run down and the violations cited on it have not been addressed. It might take up to 30K-35K to fix. Zillow estimate value between 227K -247K. I want to offer 65K, half of the asking. Is this attractive and profitable?
Next step: I don't know how to make the offer. Should I just write a letter stating my offer?
I told the Real Estate agent that I'd like him to also represent me. I intend to assign this property. Should I be worried about commisions at this time? What happens to his commission if I ended up reassigning the property? Please help.