On a plus side for you developers, we are exploding with authorizations for new geotechnical studies and ESA Phase 1 studies so far this year at my day job.

I always search the oldest properties first. 30-40 days is when I guess the asset manager starts to realize something is wrong plus it clears out the 15 day owner/occupant BS that the govt loves.

Also, if the bank is gone, the "assets" of that bank went somewhere - government or another bank or whatever - so they have the rights to the property.If you want to do the deal, you would need to do a lot of background research to be certain you are actually buying something of value.

It is also wise to diversify and take into consideration the markets where your assets are held, even diversify markets.An apartment vs. a handful of SFR's in Vegas or are we talking trading a handful of Vegas SFRS's for an apartment in Pasadena or Walnut Creek?

Do I just tack this to one of the houses and depreciate it over whatever years or should I split it into a $10 asset per property and then depreciate it?

Let's quit the word games and personal attacks.Stop making these accusatory comments at me.It's wasted space.Let's stay on the subject of the topic.You seem like you are frustrated with trying to buy an REO property and trying to direct it at me.It's simple.If you are a cash buyer then show the REO broker you are serious.Show them proof of funds valid within the last 30 days from your bank account.If you are using hard money then that is different from cash and subject to the appraisal and valuation the hard money lender wants.If your boyfriend is a contractor then maybe you can save on a home inspection and do it yourself.The REO brokers loyalty lies with the asset manager and the company they get listings from.Again if you are buying one property the REO broker is usually not going to work hard to get that accepted unless it's at asking or above.The bank is possibly giving 20 or more properties a year to the REO broker.

I handle the actual negotiations with the banks.Hello;I would like to know if a homeowner agrees to sell me their home during the PRE-FORECLOSURE stage and they sign the authorization to release form for the asset manager/bank, Can or should I indicate that i'm an investor looking to purchase the home or do i indicate otherwise?

Consider too taking someone over their limit from an open authorization for rents that can be paid a few days later.

As a developer, I can tell you that construction financing is very, very difficult right now, and that even in good times you would have to sign a personal guaranty (which in today's times, means the bank will hire a proctologist to make sure it understands your personal assets and that they are all pledged).

Your best bet is to contact the asset manager and not BONY Mellon.