Sheriff Sale and REO Properties

[Daniel Schroeder]

Good evening,

I am new to the website and am seeking some advice. My neighbor's house is listed for a sheriff sale taking place on September 8th. The real debt listed is very high and I am planning to do a title search to confirm the liens on the property. It seems though that it will be too high to win at auction so I wanted to prepare for the next step when the bank wins the property. Is there any telling how soon they will list it as an REO? Is there any way for me to make an offer on the property before it hits the MLS or do I have to wait? I bought the house next door knowing that they neighbor's house looked terrible and that I or someone else would flip it soon enough. I know a ton of details about the house and the local market that gives me a big edge over competition so I am hoping this works out. Thank you for taking the time to reply and helping me out. I will be sure to return the favor as I gain some more knowledge with investing!

[Tracy Streich]

My experience in this area is that you will not be able to make an offer before it hits mls if the bank is one of the larger institutional lenders such as Chase or Wells Fargo.  They are a machine and it has to work its way through the system.  If however it is a smaller local bank they want to the get it off the books ASAP and you might have a chance contacting the bank directly.   Go to the auction and give your information to the attorney bidding for the bank.   Good luck