Posted by Greg on February 04, 2001 at 08:17:11:
There is always an advantage to obtaining a property prior to the bank foreclosing on it. When it makes the sheriffs sale you will be competing with others. Usally you dont get to see the property on the inside. If you contact the owner prior to the sale at least you can look on the inside, I have looked at properties where there was raw sewage & severe water damage in the basement, if I would have just bought this property at the sale I would not have known this information. As far as REO’s usally a real estate agents are representing the bank, you are competing with other bids, the bank is trying to get the most for their money, sometimes the house is not a deal because it too much work for the price. What I found out is that most people are filing bankruptcy and saving their houses so it doesnt foreclose. As far as calling people I send out letters 8 out 10 times they dont respond but that’s ok. Letters are more open ended
Bankruptcy is a savior now a days, well I look at as a
bandage for a 50 caliber wound!