All Forum Posts by: Roc P.

I've been looking into REO property, 1st time, and it's quite overwhelming with all the info one has to gather, such as liens and so fourth. Just the competition factor is enough to scare away most investors, and lets not forget funding for the whole process.

BTW congrats on your recent purchase Greg and thank for the informative post about REOs, a lot of good info about the agents and so fourth. Best of luck to you.

Hey SMC, I feel your pain about the 2%. I never heard of it before until I came on this site. It can be frustrating but if you look around you should be able to find something good, but if you find a deal thats too good not to take you might have to chance it and ride it out. Best of luck to you.

Thanks guys, well I got more information concerning the property from a real estate agent that works for the government. The situation is pretty bleak overall, apparently the GOV has been trying to take the property for 11 years now with no success.

One good thing overall is the price of the property now the bad things are that the owner or tenant has several liens and the last time this house went for auction, which fell through, there were about 45 people there and the RE agent expects more this time around because people have been eying this property up for a while now. The RE agent told me straight out to seek advice from a lawyer for the "ejection" that will take place in court.

I will probably still attend the event just to get a feel for the whole thing but I will not get into a bidding war over the property. Thanks for the advice everyone.

I believe it's a government owned property. I know they want 10% and the only time you can see the property is when the bidding process is going on. I did contact a RE agent who will hopefully contact me tomorrow with more details. Hopefully I can gather some information from her. Thanks

Hopefully this goes well, I'm meeting at the house next week and will see the condition it's in. I'm hoping there aren't too many people there because of the market right now, but I'm sure there will be a ton of people there :D

Is there any tips you can add to the process? Do you think I should go out and contact a real estate agent to help out with the process. Right now the main thing is getting the finance through the bank so I can be there just to bid, because they want 10% there. Is that normal with REO investments? Thank you

IB, is there a way to find out if your the high bidder or not? Also I think the auction is taking place next week, so what is the protocol for something like this? Thanks

Question on bidding on a REO, currently I'm looking at a government owned property. Now the bidding price they have listed is 60,000, can I put a bid at 61,000 or will be it shot down totally?

Is there a certain protocol when bidding on REOs because I've been reading the forums and articles on this site and everything I've read basically said that it's the same with any type of real estate. Thank You

Hey everyone great topic and very informative stuff.

Thanks Global, do you have a lot of success with subject to deals? If so can you add any tips that might save me time and money when setting up these types of deals. Thank you

Hi John, I'm not familiar with the author, does she have good info on lease to own process?