I’m working with a buyer that has a verbal acceptance on a REO duplex in Blue Springs, MO. After repairs I believe the buyer is getting about $25,000-$30,000 worth of instant equity. Sure the duplex starts out empty, but that’s serious cake. And it’s only a 4 year old building with brick exterior and solid, solid rental comps in the neighborhood.
Problem is the REO holder accepted our first bid that was significantly under the asking price. I think the buyer is getting a more than fair price and so do they. But it makes you wonder, doesn’t it? Was there money left on the table? Of course our buyer will close quickly and is more than qualified. So all that weighed in to the selling REO holder, I’m sure. But still I can’t help but wonder.
What are your thoughts?