What would prevent the investors from picking up these foreclosures for literally pennies on the dollar, and flooding the market with low priced REO's?

It prevents many assets from actually selling at auction.

By putting a deadline on it, it prevents them from dragging their feet as well.

I would get a copy of the rental agreement and see when it expires and if there is any language preventing new ownership from increasing rents.

It does not, that I could find quickly, allow you to cross search comparable properties.The property not being listed in MLS does not prevent the agent or any other agent from pulling up comps close to the subject property.

Heating, plumbing, and electrical) have not been recently checked, I would recommend having those items inspected for preventative maintenance.

Im sure your right, if there is a law that prevents this from kicking in then im sure it will get extended.

i've seen banks fixing simple things such as no carpet, or adding an oven and countertops and cabinets--things that prevent FHA buyers from purchasing that house..but i haven't really seen banks fixing up properties to flip standards

I believe that social conditioning would prevent most agents from delving into wholesaling...A person can watch you make money but many times they are to worried about perceived lack of security or taking a risk to give it a try.

If you wouldn't mind, I had a question on one of your post:Greg - In some markets this is impossible...the banks are refusing to allow the REO listing agents to provide "pocket deals" (deals that never hit the MLS) to their clients or investors.Originally posted by Will Barnard:Not in my market and how can a bank know or prevent a broker from telling me about a property located on 123 xyz st that is currently occupied but will have the eviction process happen soon?