@Richard Heine the proper procedure is going to be very dependent on your state statutes on how to do this. 

I was analyzing my searching criteria procedures, Do more experience investors do more 'actually looking at houses'?

I'm sure the procedure is they will call their local REO agent contact and list it, when they feel like it.

To me it's standard procedure, and an option without an agreed purchase agreement is somewhat useless.

I don't know your jurisdiction, the procedures and general time lines for this sort of thing, but assuming the FC occurred a few months ago, this does seem odd. 

Your first line of defense is.....knowledge.......knowing how to read and understand all contracts involved in your business, and standard operating procedures.

I have several questions as I try to finalize my analysis procedures.1.  

The other was to look at a sellers payoff statement which takes about 2 weeks in mail.Can you tell me your procedure as if a seller called you and you had to determine if the property had room to make a deal?

I've checked some of the properties on the Bronx, Queens, and Brooklyn county courts and they seem to be much more reasonably attainable than those listed on the MLS.As for procedure, I know that I need to do my due diligence.

(CRMC).These are companies that have been audited by the National Association of Residential Property Managers and have demonstrated a high standard for both procedures and customer service.Again, I believe the best way to find a good property manager is to seek a property manager out and has invested in advanced training and education and has attained designations, usually they also have years of experience.