I have one more key question: Since I'll be starting my first-year job upon arrival, banks might be hesitant to lend to me initially.

@Kayla Elliott  Hi Kayla - this was a commercial mortgage loan with a local bank, that held it "in house" after it was issued. 

As expected the banks I've talked to thus far (that I have great relationships with) are skeptical about funding.

In my experience, you can absolutely use hard money in bank owned reo auctions...you still don't generally get access and thus need a lender who does need an appraisal in this scenario. 

You are walking into a potential situation that can break your heart, break your bank account, or break your will to ever try this again...Maybe if your lucky, all 3https://phillysheriff.com/property-listing/ Thank you for the information!

•On the flip side, a bank savings account offers one of the lowest interest rates and returns on investment, but it’s also one of the safest places to store money.

This deal was the catalyst that got me into the mortgage banking industry.

I almost exclusively sell bank foreclosures for a large asset management company, and I also do a lot of marketing for wholesale deals.

.: Quote from @Jay Hinrichs: Quote from @Matthew Banks: Very interesting post John.

Just like a bank tells you what the terms are, not you as the buyer.