First of all, repossessed properties are usually stripped down and destroyed by angry owners who are losing their home or burglars looking for vacated properties.
REO buyers are usually contractors/builders who have the wherewithall to repair and reconstruct and are then putting the properties back on the market at retail in reconstructed condition.
We Realtors work for a living, not steal.
You're missing the fact that it's the bank that's selling the property. If it repossessed when $150,000 was owed and is now selling at $350,000, it's the bank that set the price and will "pocket" any profit.
The agent will get a couple of percent of the sales price for his/her services.
I am having a hard time understanding exactly what you are asking. When you say estate agent, are you referring to a real estate agent? If so that is not the case. Real estate agents usually work on a commission basis but I have never witnessed an agent get a 57% commission! I think you need to rephrase and clarify your question and then we will be able to give you better answers.
Mitchell S. Feldman
Associate Broker/ Director of Sales
Madison Estates & Properties, Inc.
Office: (718) 645-1665/ Cell: (917) 805-0783