I found this REO property: SFR $59,000 3 Bed/2 bath, 1,277 sq. ft.
Potential equity: $54,134. Zestimate $73,300. bank is selling as-is. the property has an illegal patio either needs a permit or tear down. (of course there are some more work needed to be done too! I haven't seen the house sticking to the rule of not seeing the house until my offer is accepted)
I offered $28,500. my agent couldn't believe what she heard and asked me twice, uttered "I think that's toooo low of an offer". I told her to go ahead and send in the offer, we can always raise the price if the bank reject us. She agreed but hasn't got back to me today as she promised.
So I have two questions for my veterans:
Did I scare my agent away? or was my offer outrageous?
This is officially my first offer!
( I thought I just used the formula of 65% - repairs -Commission -10% negotiation room with a nice looking number)
Never Give Up!!!