Bid strategy for REOs

[Rachan M.]

Hi all,

I am new to REOs. I read up some, did some digging and found a few REO properties for sale. From what I'm putting together, once the banks acquires the property they take 6-7 months to clean it out and put it up for sale at market value regardless of property condition. Then reality kicks in and they gradually lower the price little by little.

Does that sound accurate? Does anyone have a good bud strategy for REOs?

Thanks so much!