Got a cal from First Choice Reo claiming they worked with banks to liquidate reo property. They said they make no money when you buy the propert but were paid 20% of the profit when you sold it, usually within 30-60 days.
They sent me info on a property I could buy for $10 k. They also put me in contact with John Roberts, " a Remax" agent in the flint Michigan area. Roberts told me the property would sell quickly for $16 to $20k.
I spoke with other agents In the area, one who had a property across the street on the market for $4750. She told me that most of the houses are vacant, the area is depressed, and her opinion of the property I was looking at had a market value under $5000.
Roberts also told me the low end of the market in the area of the subject property mid $20k. I found over 70 homes within blocks on the market for $10k and less, some as low as $1500. Roberts also claimed the rental value of the house was $800 per month.
I don't know how these guys get paid but I know it is not when their client sells the property. I suspect they are paid to sell the property by the bank. Steer clear of these clowns.
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