First off this website is awesome, i remember about a year ago when i got into this and was using Realty trac to get an idea. It didn’t make sense when my friends were buying during the housing bubble so i stayed out and rented. Now I’ve got 200-300K in cash lying around and I’m looking for some advice in investing and playing around in the market.
From the 3 stages of the foreclosure process that are all shown on Foreclosure radar which one has the most potential and highest success rate and which ones should i put my effort and energy into? REO shorts sales or buying at an auction?
From my own limited judgement looking at REO’s are a waste of time as they have to be listed by the bank through a realtor and onto the MLS before i can make a move. Is this so?
I personally think buying at an auction is the best move however when I’m looking at some properties (San Joaquin valley) most of the published bids are higher than what the property is worth. Is it still worth tracking those and what are the chances of the price being lowered at the auction? If a property is scheduled to go to auction and a date has been sent is it wise to call the lender or the trustee to get an idea?
Sorry for the long post, i am a newbie and looking to get a move on and thank everyone in advance for the responses.