Auctions or REOs

Auctions or REOs

Residential Lender · Phoenix, AZ · Member since 2010 · 5 posts · 0 votes

This is my first post. I have been in the RE business since graduating from college. The past 15 as a loan officer with dabbling in building 12 years ago and flipping home right out of college 20 years ago. The discussions I read hear are better and more interesting than talking to 90% of the people in this business who are simply trying to sell something to someone most of the time. So the question comes down to REOs or auctions. During the boom time in lending I paid all my debts, and I sold my home at the top, banked the dough, and am currently renting. I can easily determine whether the loan at the trustee's sale is the first using the county website. But is there a way to find out if a tax lien is present? I am thinking about pursuing REOs also, but for now with the time I have I will start with auctions. Once again to everyone who posts here, nice job!
This is fantastic! Truly informed discussion has been hard to find.

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Real Estate Investor · Aurora, CO · Member since 2010 · 175 posts · 92 votes
16y

Welcome to BP! The big players here recommend you attend a few of those auctions before jumping in and they will take most of your time in due diligence.

REOs in the mls are much easier. Submit your offer and wait. And wait. And wait. :lol:

Good luck!

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  • Real Estate Investor · Aurora, CO · Member since 2010 · 175 posts · 92 votes
    16y

    Welcome to BP! The big players here recommend you attend a few of those auctions before jumping in and they will take most of your time in due diligence.

    REOs in the mls are much easier. Submit your offer and wait. And wait. And wait. :lol:

    Good luck!

  • Real Estate Investor · Audubon, PA · Member since 2009 · 13k+ posts · 8k+ votes
    16y
  • Real Estate Investor · Reading, MA · Member since 2008 · 124 posts · 15 votes
    16y

    In my area I call the city tax assessors office on my way to the auction and usually they will tell you if there is any taxes owed...also if there is large balances owed usually the auctioneer will have a MLC to pass around at the auction (but not always!)...

  • Residential Lender · Phoenix, AZ · Member since 2010 · 5 posts · 0 votes
    16y

    Thanks you guys. Steve, I had read most of those threads, but sure enough there was a couple I had not seen, both with great information. From what I remember and what I have heard, the auctions have a number of people there who can be verbally abusive to people who ask questions, newbies, etc. They do all they can to intimidate and confuse other bidders. BG, I will call the county to see what they can offer.

  • Real Estate Investor · Audubon, PA · Member since 2009 · 13k+ posts · 8k+ votes
    16y

    troutman,

    Since I now see that you have filled in your profile - and that you mention being in Phoenix. Given that, I would suggest getting in contact with BP member Vikram, who is buying at foreclosure auction there; he might give you some info on where to go to dig deeper.

  • Residential Lender · Phoenix, AZ · Member since 2010 · 5 posts · 0 votes
    16y

    I'm going to do that Steve. Thanks!

  • Commercial Real Estate Agent · Encino - Los Angeles, CA · Member since 2009 · 123 posts · 11 votes
    16y

    Something i've been doing to find out if tax liens are present...

    Here in LA the department of building and safety has a website which you can use the APN and find out if the taxes are current. Takes 2 minutes, but you'll have to find the equivalent for your area. Another option for REO's is to find the biggest REO broker in your area prove you're willing to make moves and they'll give you first look at all the new listings.

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