I think you'll find the answers you seek about representing REOs in the REO and Bulk REO forums.

One VP can not give you an answer that applies to every lender in the entire country.Very worst case, you rent for a year, pay your rent on time (to get a good reference), and then you buy.

I know people make Real Estate Investing seem like it's magic but money isn't just going to fall into your pockets because you want it to.If you really feel that this is your path (and I would challenge you to answer *why* you believe that is the case), given that you have no resources, I would go to your local REI meetings and hook up with others.

Question there is most of the distressed properties are they not over mortgaged from all the refi's in past years and the average loss of value of approx 20-40%.So the question is what is the answer..

My answer is always (well except for that 1 time :D ) that I don't give earnest money and that its not required to make the contract valid.

Well abhyler, you may not like my answer, but MikeOH will say it if I don't!

I don't have the answers to your questions but I wanted to welcome you to Bigger Pockets- I absolutly love this site!

I could see it being their responsibility if the property went back to the lien holder instead of a bidder at the sale.This sort of thing must come up all the time....there must be a definitive answer

I hope these are reasonable questions and I wish you the best of luck with this deal.Thanks,PierreI'll update this deal after I answer your questions.1.

I did not like his tone, btw it was not the first time, even my first email to him about common stuff that he should answer for him was "too much", my first email was about the utilities because they were going to be share with another tenant upstairs...I got very disappointed and I told him that really it was better to keep going each way because I was not the type of tenant he needed and he was not the landlord I needed, I probably be too demanding for him and he will be lay back time as long I don't bother him with calls about a fridge noise (that he told me that the noise of the fridge is not constant).