But, I'm on the other end.There are lots of foreclosures in the area so comparable houses can be bought for $60K-$80K.

:D I have to scout the ones they carry, and find them online, to compare price.

Finally, compare that to the listing price and see if its worth pursuing.

I would not call it a Scheme for that word sounds too harsh for the investment idea I had in mind.

If its like India, which I have spent a fair bit of time, labor is very cheap compared to the US.

Also look up comparable houses in the area and see what they are paying.

And, compared to anything where you're from, it may be.

I know Fannie Mae prefers 10% of offer compared to $500 which normally works with other REO offers.PLEASE DO NOT RESPOND WITH BOOK KNOWLEDGE!

Caveat Emptor.When I am planning to buy a property at the Sheriff's sale, I do my own title search and then compare that with the one done by the county personnel to be sure all the liens are indeed taken care of.There are several other bad things that can happen after a Sheriff's sale here in Ohio, but I won't go into that here.Mike

Comparables, pre-qualification from bank, etc?