REO Auctions

[Richard Fulgium]

Hello,

I have been trying to get into the real estate investing market through bank owned properties. I am working with a real estate agent who understands what I'm trying to do. It seems every property I find that is an REO is being sold through auctions similar to the HUD program. I found 3 last week listed on the Chase website that was already turned over to an aution site. My question is, is this process being found by others in your areas? The bidding at autions doesn't allow any escape clauses in the contract at all and requires a proof of funds letter from your bank. Any advice?