I am talking with a mortgage company's REO department about purchasing a property they recently foreclosed on, before it goes to their REO management firm. I would like to make them an offer, but first I have a few questions. I was hoping someone here may have answers.

1 - If sold through the company's REO department - I understand they will pay a real estate broker fee of 6%, in addition they also have another expense for the REO management firm - Any idea what this fee or percentage may be?

2- Is there a "rule of thumb" on offer's for REO property that are sold "as is" before any broker fees, management fees or repairs? For example is 75% of appraised value realistic?

*I will make an "as is" offer after inspecting the property to make sure it does not require major repairs. (Externally the property is in great shape)