REO advice sought
Hi,
My name is John McMahon, and I live in Front Royal, VA. I hope I am not violating any rules of etiquette by not posting to the new members forum first. My wife and I are looking at buying an REO to rehab and resell. Tricky in today's market in Northern Virginia, but they have come down quite a bit on their asking price. However, in their counteroffer, they ask that we use their lawyer for closing, and in return they will pay the $2000 title insurance. I just checked the title insurance I paid in my own house 5 years ago, and it was $386. Something is doubly fishy here, but my wife and I are new to this, and wondering how to handle this type of seller.
Our real estate agent has limited experience with REOs, although she is willing to work with us. I just don't want to make any big mistakes here! If anyone has any advice on this topic, or general advice on REOs, I'd love to hear it.
Thanks!
John