I have a person who is unable to do physical work but has a little money and wants to take advantage of this market. I have talked to him/her and said I can do any work nessesary and we can both make a little profit. What is the better buy for resale? Bank owned or Auction? Are there any other resourses I can pursue? I told him I would do my utmost best to get the best property at the best price…any suggestions…I really need this work.
The trustee sale auctions clearly offer the deepest discounts, but there are risks. Unlike bank owned you can’t get title insurance, you don’t get to do inspections, you have to pay in cash, etc. If you have the risk tolerance to taking some losses, I’d recommend trustee sales, if not, then stick to bank owned.