Auctions And REOs, NOT Pre-Foreclosures
I have read a couple of books and many articles on the process of buying foreclosure properties. However, each book/article I have read has spent more time explaining how to buy pre-foreclosures and scant time on how to buy at auction or via the bank REO department. Can anyone recommend a good book that focuses predominantly on the auction and REO processes?
This is a great site with great material. Thanks in advance for your recommendations.
Hello,
I'm not sure if there are books on just REO and auctions. I found out about them reading articles here and posts from here. Good luck
Pejames
Yeah, I think you may be right. Each book review/recommendation I have read seems to emphasise the pre-foreclosure process. I am in the process of putting together a road map using the great material from this web site. I will probably learn and understand the process more going that route.... but if there were a good book......
I assure you, You will put together an awesome map from here. Good luck to you and let me know how it goes for you. BTW, My home is the OuterBanks..KDH I used to hang out in Busch Gardens...a long time ago..hahaha Good to talk to someone so close to home! Happy New Year!
Thanks for the encouragement, I will keep you posted. I'm actually in the process of moving to Cincinnati to be closer to the kids and would like to buy a foreclosure property for our primary residence then develop my REI career from there. It's a tough business I know, there are easier paths to follow, but I believe I am up to the challenge. Just need to avoid the mines along the way!
I hope you weren't at the BANKS on the 17th. They tell me it was crowded and very wet!
Nope, I missed the festiveties, but my brother told me it was really bad...people everywhere and then GW Bush came and it got even wilder. But, it was a lot of fun over all. Let me know when you are planning to get to OH, I know some people there that can help you get going.
Good luck
Unless you have a direct feed from mortgage loan servicers' REO department, you'll need to hook up with a broker who services REO listings for access to REO listings.
The process of buying an REO is quite conventional... unless you don't agree with the asking price and wish to submit lowball offers. Then, you should utilize the short sale technique... meaning that you prepare a compelling and factual Proposal to the owner in fact (former mortgagee). The REO owners's broker will be the liaison and probably NOT too terribly interested is a discounted sales price since commissions are based upon sales price.
There are ways to work with the broker... and influence the REO's decision making process.
Buying/bidding at auction is like buying a pig in a poke... and best left for the more experienced speculative investors.