Ultimately my goal in REI is to do the BRRRR strategy on properties, so in my path to finding deals, ive discovered that many foreclosures selling thru a sheriffs sale in my city (Lancaster county PA) As ive researched many flipped properties (flipping the property would always be my exit strategy/ something else goes wrong) I trace quite a few properties to the sheriffs sales where the Bank (that foreclosed on the property) is buying it back. Then it is sold to another party for a more "market" rate. My questions lies in, how do you become that buyer? is that meeting bank reps at these auctions? calling them?
It seems in my area of research these 3rd party buyers are almost always selling to an investor or RE company. I assume most of these people are wholesalers then?
Just curious if anyone can enlighten me on this topic
Ive looked around some for realtors with foreclosure experience in Lancaster, but again being a REI, im not most realtors highest priority. HA
Side note for any new investors wanting to flip or buy and hold, getting well acquainted with your local real estate tax site and the deed site, you can really learn the $$ story behind a property. Its been a great tool for me building a perspective of my local market
