Further to my earlier post on dumb brokers: I am working with a couple now who came to me through this blog (hi guys!). They were previously working with another broker who had them in contract on a small building in the Miracle Mile area. The broker they were working with neglected to inform them
Recently, I’ve written offers on REOs (“real estate owned” – this is short for “owned by a bank because they foreclosed on the last owner”) for three readers of this blog. A lot of people are interested in these kinds of properties, either as potential flips or to fix up and hold as income properties.
I’ve got an offer out on a 4 plex for a couple I’m working with. It’s a pretty amazing REO (bank-owned) property in Miracle Mile. Knowing that the list price was a bit low for the area, we offered $115,000 ABOVE list for the property. We also jumped through a series of increasingly annoying hoops