We own 2 REOs in bad shape. How to sell them?

[Gabe K.]

BP Experts,

We are a note investing company and we ended up with 2 houses as REOs that are in bad shape.  One is in Indianapolis and one in Muncie, Indiana.  Both houses look okay from the outside but they have extensive water damage on the inside and need new walls, mold removal, roof repair, floors, basically everything.  We don't want to dump any more money into them, just want to sell them.  Our property manager/realtor wants $3k each as commission, which is just a large percentage of what the sales prices would be.

How should we sell these properties without incurring such a large commission expense, use craigslist or postlets? Thank you.

[Mike H.]

My recommendation would be to post them on the BP forum for deals (you have to be a Pro member for that forum). And/or check in with the indiana local forums on here as well. There is no better way to reach a targeted audience of investors than right here on BP.