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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Dealing direct.... Posted by Ward-CA- on November 12, 2003 at 5:19 PM In Reply to: Dealing directly with banks posted by jeffb on November 12, 2003 at 1:15 PM : I am in the midwest and have a friend who controls the disposition of all residential properties that are at the NOD point or beyond. With this contact, if I am looking to buy, what is the ideal situation that I am looking for? Taking a first crack at REO properties? Setting the bid at the Trustee Sale? Thanks. =?=?=?=?=?=?=?=?=?=?= Jeff, I'm guessing your friend works for a particular lender and that his powers emanate from his position with his employer. Generally there's a wide difference between acquiring property at a foreclosure auction versus buying an REO (real estate owned) from a hapless lender who got title for lack of any 3rd party bid at the auction. You usually need to have all cash when buying at a trustee's sale, whereas buying an REO is easier since all cash isn't required. But generally there are better deals at the auctions versus buying an REO at near retail from a lender. So if you've got lots of cash buy at their Trustee sales. But if you don't then try to get a good deal on an REO with the help of your friend if you can. Follow Ups: Post a Followup: Name : E-Mail : Subject : Comments: : : I am in the midwest and have a friend who controls the disposition of all residential properties that are at the NOD point or beyond. With this contact, if I am looking to buy, what is the ideal situation that I am looking for? Taking a first crack at REO properties? Setting the bid at the Trustee Sale? Thanks. : =?=?=?=?=?=?=?=?=?=?= : Jeff, : I'm guessing your friend works for a particular lender and that his powers emanate from his position with his employer. : Generally there's a wide difference between acquiring property at a foreclosure auction versus buying an REO (real estate owned) from a hapless lender who got title for lack of any 3rd party bid at the auction. : You usually need to have all cash when buying at a trustee's sale, whereas buying an REO is easier since all cash isn't required. But generally there are better deals at the auctions versus buying an REO at near retail from a lender. : So if you've got lots of cash buy at their Trustee sales. But if you don't then try to get a good deal on an REO with the help of your friend if you can. Optional Link URL: Link Title: Optional Image URL: [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

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