I've worked with some really successful commercial investors and some of the most interesting are those guys who simply have the chutzpah to go out, find deals, work their way into something and find themselves in the middle of great long-term plays.

Bottom line, you may be wasting your time playing with those pools.

PossiblyAs a broker though I would put my time on the credible buyers that have cash to play.

I've been wanting to play, and it's on my action plan for 2014!

This comes into play when a bank gets the property and it sits while the foreclosure is drawn-out.

Since there is no approval on the second mortgage, you technically do not have an enforceable contract (all said assuming standard SS addendum is used - nor am I an attorney nor do I play one on TV or the internet).

@Jason Lee The best time to buy is when your business plan is in play and works for your area situation.

It also plays on the lender as seeing that you'd rather do business else where and that might be what they tell you to do.

If you can determine whether or not you think they are good and low-maintenance tenants, that might also play into your decision.

How much local regulation plays in the process?