Until then, you look through realtor.com, homepath.com, homesteps.com plus many other sites to identify the REO properties you would like to see - then initiate contact with the listing agent.

No, on initial purchase they are lending based on purchase price.

Shortly after doing so, my ERISA attorney made me aware of some investigations that the IRS and DOL were initiating into these types of products, and there was concern about whether they were legal or not.

My initial reaction is that this estimate provides both a wildly large range and also a much lower average cost than I was expecting.

What questions do you ask on the initial phone call from the prospective tenant?

When signing initial lease the people are on there.Later on others are discovered.

Make your offer subject to satisfactory home inspection and termite report to the buyer to cover yourself, look at the serial # on the unit for the year that it's built 10 years or older budget to replace on initial inspection(should be 1st 2 numbers), electrical and plumbing checked on inspection, if serious problems arise revise your offer to a lower price!

Given the scenario you described initially, I'm just wondering how many of them have credit cards in good standing to start with?

Though you might see if the sheriff will come out to verify that it is vacant.

Additionally, foreclosure levels were affected by our directive to servicers to delay foreclosure sales until the loan servicer verifies that the borrower is ineligible for a HAMP modification and that all other home retention and foreclosure prevention alternatives have been exhausted.