Reo general questions

[Jeff Fairchild]

Do you guys find there are a lot of other investors on these lists that the agents give out of new Reo's and that it is a race to beat them? Is there a way to get to the listings before other investors?

Are you guys generally financing these reo's with hard money? If so, does the agent require that you have a preapproval letter from the hard lender before submitting your offer?

Is there earnest money involved in a contract for an reo?

If an agent gets a new reo list and there is a property you want to make an offer on, do you usually have the agent show you the house and you just estimate repair costs while looking at the house right then? If you are wholesaling do you just use your estimated amount when making the offer to the investor?