Hey,Has anyone had any experience purchasing excess bank real estate inventory?

You won't be able to sell it to yourself, and a bank won't lend to a new LLC  unless the owner signs as personally liable anyway. 

You will have to show mortgage company your bank records.

And yeah, one or two experienced guys and, gasp, lawyers representing the banks, helped me out because they saw I wasn't playing around or wasting their time.You're here and you're asking questions.

I know that sounds high, but these houses new sell for upwards of 360k, so we are hoping it's worth the investment.We have studied the info on auction.com and know that our 5% earnest money will need to be wired to the bank soon afterwards if we get accepted.

IE most folks renting <$900 do not have bank accounts.   

Whether you can pick your own title company depends on the specific auction/bank/property/state you're in - make sure that you read the fine print and have the option to select your own instead of being stuck with the bank's choice.Title insurance covers you if the title company says "no problems with the title" and then it turns out something was missed down the line (e.g. an outstanding lien or something).

People aren’t afraid to fail, they’re afraid to fail in a new way Never be mean to someone who can hurt you by doing nothing

I've been reading about FHA for a while now and found that some bank or programs may even gove you the down payment but I hardly hear people talking about it.

If you could provide more insight that would be great as I’m trying to figure how to finance my next investment and I have talked to several banks with no luck besides the 20% down payment.