@Alex Shin Sorry nobody answered this for you earlier. I would have told you it was too late to do anything and let things go. How did it end up?
It doesn’t really matter....she will get the surplus above the $375k.....if someone buys it at the auction for $900k, is the same thing as her selling it herself, and maybe with less fees.
An REO agent would certainly be the wrong type of agent to bring into this.
If a power of attorney floating around is truly a concern, the owner can execute and record a blanket revocation of any POAs she has executed.
@Alex Shin I assume you had an autocorrect error and you meant listing agreement. Are you trying to buy this? If so what was your offer and Can you buy it?
Agree that an REO agent is not generally the best agent for a regular listing. I have no idea what the value is, but she she needs to ask something reasonable to get it done quick. Also, as @Tom Gimer if there is any question about a POA floating around she needs to revoke it and record it.
If this property gets listed with a broker, regardless of how it sells (unless foreclosed) then ~$50k+ will more than likely be going to that broker. So if you have some creative solution... allowing it to be listed certainly doesn't help your cause.
There are lots of options here now that the auction sale has been postponed. I would partner up with somebody and figure it out.
Originally posted by @Alex Shin :
@Tom Gimer for this situation, im collecting a fee for this referral to the agent. Are you suggesting I should've brought this deal to another investor and split the profits that way?
There is so much more potential $ in this deal than a referral fee... which unless you are licensed is likely illegal anyway... so yes, that is exactly what I am saying.
@Alex Shin A few things that confuse me about the situation:
1. Why did the sale get postponed?
2. How is the son and the POA involved? Is this woman you've been talking to the owner of record? Is it a trust? If it's a trust, is she the only trustee who can bind this property with a sales contract?
3. Is the REO agent your friend or colleague that you're partnering up with? A referral fee is a not a bad way to go since you have a lot lower risk and it sounds like you might need to learn more before taking on a project of this size, no offense intended.
4. As Wayne mentioned, time is of the essence since this is a distressed sale with an upcoming sale date. I wonder why the REO agent wants to list for $1.5 M when the other one said $850k. That's a huge difference and these higher priced properties take more time to sell under ordinary circumstances