Posted by Mark-Chgo on December 10, 2004 at 16:44:10:
The only problem with buying REO’s, at least in my market, is that they’re listed with brokers at full market value and end up selling for close to that.
My preferred method is to get to the owner before the sale and work a good deal before it hits the market. Just make sure you’re well versed, as there are tons of things that can pop up!
I would look at REO’s. The problem with auctions is that you are basically buying site unseen. You can’t do an inspection to check out the roof, furnace, bathrooms etc. You also are not always guaranteed a clean marketable title. Because REO’s are owned buy the bank- and are sold thru Realtors- you can fully inspect the property, get a clean title, and can get a complete picture of what the fix up project will cost before purchasing.
Knowing what I know now, I would buy Joe Kaiser Dominate your Foreclosure Marketplace, then his other material. If you want to play in this market his material is loaded with in your face meat.