You should check local laws related to foreclosures however.Agents, yes if they are representing others for a commission.I have been using a one page contract for years, I call it a "skinny" agreement.

We pay w/s/g here, but prop taxes and insurance premiums  are pretty low. 1% may be skinny in areas with higher tax & ins costs.

Control and Roll, control the property with a skinny contract, flip before settlementHybrid purchase with seller (as a limited partner), seller to contribute renovation funds, offer property at public auction with a percentage back to seller on equity above offered price.Control and offer property immediately by private treaty.Put together a friendly or family joint venture (if you think the deal is great, convey your enthusiasm to your friends or family members, they put up the needed money, they get a percentage of the NET profits).If the equity is too small or risky to buy, refer it to a competitor or an agent for an UP FRONT referral fee.Find a partner with cash and skills, don't give too much of a percentage away, partners can be expensive.Don't let one deal slow you down, keep using Power Prospecting techniques, making offers and moving forward.........multi-task all the time, just because you are working on one great deal, don't become overwhelmed, get help, but don't slow down.Have fun in this business, don't get greedy, be kind and always think carefully before making hurtful comments, words are hard to take back.Give back to the community when you are financially able to do so.Charles Parrish Baltimore

Agent only show you listed properties, you need to find unlisted or expired listings, I am a broker in Baltimore, I find agents to be for the most part non responsive to investor's needs.Most want the quick in and out deal, nothing too complicated, show me the commission thought is their primary motivation, most do not counsel, don't understand creative financing, delayed settlement, Control and Roll, or the many clauses to benefit investors, a skinny contract offer or what to exclude in their 35 page standard purchase contract.SORRY AGENTS, I have been in your culture for over 40 years, I live and understand it.I know this is a silly statement, but I'll make it anyhow; "If agents knew what we investor know about real estate and the money we make, thy wouldn't be agents representing others, they'd be their own best client."

Been doing what you want to do now for many years now; it it's great concept when you learn how to do it right, that is -------have the right contract offer (I call my contract a "skinny"' easy to read and understand.)A perfect way to exit in order to profit (the auction method of marketing)Control low, assign low, collect your profit and do it oftenMaking full disclosures (keeping yourselves legal from potential trouble and conflict with sellers and their lawyers)Power Prospecting, how to find, negotiate, control and close (knowing values, your market area and having multiple choices of properties; houses, commercial, businesses with real estate, lots, land and subdivisions ----- don't restrict yourself to residential.)DO NOT depend on agents to make you successful.........

Find a realtor in the area that can give you the skinny on the area before pulling the trigger.

The loan file does sound a bit skinny with just the mortgage and note.  

An idea that I might try.Write a simple skinny contract of sale one for each propertyMake the contract subject to and contingent on third party assignment.Subject to lien and judgment report (you need to know what is in the chain of title)Get good comps, you need to know the estimate market valueNeed to determine the estimate potential equity Once you get a list of liens, attempt to negotiate a discount; write an option to purchase the liens at the negotiated discount.Negotiate with a local auction company to sell them at public auction; auction them all in one day.The auction should be a "reserve" sale, the reserve is UNDISCLOSED TO THE PUBLICThe terms of the auction; as is, all cash and subject to the approval of lien and judgment holders and record ownerUse banking days in your contract (gives you more time to close)Make certain you use an auctioneer who sells real estate regularly and has a god reputationQuestions to the auctions company; how often to you sell real estate, where would you advertise the sale (news papers, internet, radio, etc. for how long will you advertise, can you give me an advertising proposal, how much advertising cost will you charge me, how do you get paid 1. flat fee, a buyer's premium, seller commission, do you cooperate with agents, how soon can you have the auction, what size signs will you install (sign on the property should be large, maybe a banner on the buildings), how many directional signs will you install, what deposits would you recommend (too high of a deposit will discourage bidding), will you mail post cards to selected areas, will you hand deliver brochures to businesses in the area, will they be black and white or color, will you give me a list of all inquires receivedYour should preview the auction company's disclosures and contractsAuctioneer should disclose and announce at the sale that the sale is an assignment sale.Auction sales should be conducted in front of the house, inspection should be one hour befor the live All high bids should be taken (even if the price is way lower than expected, this gives you and opportunity to negotiate with all  in the chain of title

This many times is your competition and or the guys that can just pay cash.. and you have to use HML.. at these price points that's usually 15 to 20k.. all of this stuff adds up to a nice profit  or if you have to pay full bore for it all.. deals get real skinny real fast and or can be losers.

If it's a smoking hot deal you can get more but if it's a skinny deal your fee will be much less.