Question about REO

[Adam Cormier]

Hi guys,

I showed a property to a client that was apparently in the redemption period of a foreclosure. The purchase price was $280K, and we submitted a full price offer. I get a call from the listing agent that the seller accepted my offer but we had to close in 2 days..... obviously not gonna happen since our loan was FHA so we lost the deal.

I searched for the county treasurer, and then was able to find out who the attorney was and after 2 weeks of fighting with them i found out who the REO was, and then found out who the listing agent was. I contacted them and told them we wanted the property and to let me know when it was listed so we could submit an offer.

They listed it for $239K and we wrote the offer. The house appraised for $280K, and 3 weeks later we closed.

I guess my question is: for my own personal investing purposes, would this be a good place to start when looking for a property to invest in? I was just so amazed at how much money we saved, but i didnt know if this deal was a one-of-a-kind sort of thing, or if this is just what REO's do? And the lady that i dealt with was so nice and easy to work with, that i would deal with these people again any day of the week.