[masraum]

Originally Posted by mrbeverlyhills

Title search, make sure you are buying from the seller, many scams out there. Any title company can do this for you, usually for free.

Do not buy a note, or on the courthouse steps, you could be buying a 2nd or 3rd and have the 1st mortgage in front of you. You will get raped at an auction like Auction.com

ALWAYS buy a listed REO from the listing agent; he will be doubly motivated to sell you the property and likely let you know what his BPO price is, which is what the bank relies on (with an appraisal) to set the list price.

Get an inspection, yes it is as is but banks will sometimes credit for repairs. Like a ropey car; the most expensive REO is sometimes the cheapest REO. Roof, plumbing, wiring, are unknowns, a bank will credit for these as they will then need to disclose same to any other buyer. Cosmetics, things you can see (missing appliances) are not credit items, you saw and accepted them when offering. Remember, no one re-roofs or re-plumbs a home in the months leading to foreclosure, get a bid from a contractor to show the bank.

Make sure you get the bank to pay for the closing costs you are entitled to; the agent will tell you how far you can push it.

It doesn't matter all that much which bank it is; having an account at BofA won't help nor $100k at JP Morgan Chase, they don't care. Let the listing agent guide you, he wants this sale, if it is a flip, tell him he can have the listing.

Thanks, more good stuff there