BiggerPockets

Sometimes when they leave, they leave behind a key with a neighbor or "hidden" under a rock, floormat, etc.

On one REO I visited after it had the front door re-keyed, the keys to the back door were left in the mailbox! Those same keys probably would have opened the front door too (until it was re-keyed - we'll never really know).

Marc Freislinger is in your area, and he has some comments in this next link:
http://www.biggerpockets.com/forums/52/topics/45650-bump-keys-scary

I'll have to do some more research on the bump keys.

I will be changing the locks once I get in, I just need to get in first. Trying to do as little damage as possible in the process. I would like to keep from having to pay a locksmith to come out and if I can find the keys, or use a bump key to get in cheap, it will be much less hassle for me.

Thanks for the tips.

I called a locksmith once on a property I was buying (abandoned condo - had permission from the owner who inherited the property and didn't have a key). Locksmith came out, drilled through the cylinder and charged me $80. That was the last time I called one.

Drill the lock off. AND make sure you have a copy of the deed, corporation formation papers with your name on them (if company is owner) and government issued ID.

The police may not want to hear anything about you being an investor owning the properties via foreclosure without written proof.

Yeah definitely drill it out and buy yourself some new locks, thats your best and cheapest route.

George,

I bought 3 liens in 2010, none of them redeemed. I am about to get the deeds for 2 and I am walking away from the other one because it burned down.

I didn't have strict criteria last year. It was the first year I bought any liens and I just wanted to buy a few cheap ones to learn the process. All 3 were under $1000 each and had decent homes which I figured I could make into rentals. Two were abandoned, 1 was still occupied, but appears to be abandoned now.

I bought some more liens this year with a higher max bid and stricter criteria. I look for properties I could easily turn into a rental and get a desired return on if I get the deed. I actually started looking for occupied homes because I believe there is more likelihood they will not have had all the wiring, pipes, and furnace stolen out of them. If I get possession next year of any of the ones I bought this year, I plan to inspect the properties and then allow the current occupants to apply to rent it from me if the property is in good condition and the occupants seem reasonable. Otherwise it will be cash for keys or eviction.

I had been under the impression that it was rare here as well. I may have just happened to get a fluke batch last year.