- Say you won a bid, is all paperwork completed right then and there or is an additional 'closing' scheduled at a later date?

I also check the MLS for additional comps if needed. 

The main reason I find is that the older lien holders won't have the cash to complete the process because of the additional funds required. 

We recently attended Than Merrills’, Fortune Builder’s seminar on RE investing and although we did gain some additional knowledge it seemed to be a 3 day sell to attend the $20k mastery program.

5-8 years ago, you could pick up these lots because developers went out of business before completing the subdivision, but these days, if a developer isn't developing a particular lot, there's probably additional reasons (didn't perc, slope/shape is bad, utilities are tricky, etc).

Another note for you on conventional financing for condos is that anything over 15 year fixed and 75% LTV will pick up an additional condo "hit" to the rate meaning your interest rate will likely be 1/8 to 1/4 higher in addition to the typical uptick you would see from an investor loan.My guess is that your broker either doesn't want to deal with verifying warrantability of condos or does not have experience with non-warrantable loan programs.

In actuality, yellow letter have saturated the market which has certainly reduced it's effectiveness.I send out a lot of DM for my business and always send unique mailing pieces to stand out from my competition.  

@Andrew Orr, My wife and I painted the paneling in an addition of a home we sold in Michigan.  

During that entire ten year term you can also contact the note holder and offer a buyout at a reduced price (nickle now or dime later kind of thing.)

I'd like to keep all these apartments in the next downturn, at a reduced profit, then blow it up during the next boom..