Its more complex than that, and if you default and the guy in first position foreclosures and it sells at the auction, then probably more than one person will get paid off.

The bank has moved to protect the collateral that secures the loan they have made - that is why they will pay the property taxes, pay the insurance premium, cut grass, repair windows, change locks, etc.So, figuring out why it hasn't foreclosed is the next step; in TX, my understanding is that foreclosures happen quickly, so there's an underlying reason that this hasn't been to auction.

I wonder who the bidders at the auction will be?

Instead of REO's I've been dealing with long short sales and bidding in the tax deed and foreclosure auctions.

Not that I "should assume" the bank wont accept a low offer I propose to the owner, but for a house that needs extensive rehab work, plus the cost of getting the liens removed from the city and contractors, there wont be much to offer on the property, it seems the bank will probably say "screw it we'll take our chances in a foreclosure auction?"

I just wanted to know from other newbies where they plan to get deals from .From what we hear the key in this businessis making the money when you buy.You hear about:Foreclosure auctions, Getting in contact with agents that specialize in REO'S , Probates Using bandit signsDirect mail etc i just wanted to know where you guys where looking to find deals from.

Sometimes, the auction-style listings of today, where they price it a little low, then let everyone bid up the price, may be the clearest indicator of the exact value as of 1pm today.Heavy subject.

He said he'll pull all the records and let me know before the auction next week.

The 2014 online tax lien auction for Coconino county in northern AZ ended yesterday and here are some unofficial results.

As far as the deals go, I'm looking at REO in need of rehab where an all-cash offer could give me an edge or possibly auction properties (more risk than I'm willing to take currently, though).