You might want to consider REO - sm
Posted By: investor on 2006-12-31
In Reply to: Does anybody know anything about buying a house from a tax auction? SM - MissouriMT
or "bank owned" properties. This basically means that the house has been foreclosed on, had no takers, and has been returned to the bank that owns it, sitting there waiting for someone to buy it.
The tricky thing is to find those homes. There are websites out there for REO homes but you have to pay to get the information and that information is hardly ever up to date. I would, instead, suggest that you call some of your local banks and ask to speak to the person in charge of banked owned properties. You might have to call a few times because banks do not, for the most part, want to admit that they have liability properties out there. Looks bad to the bank shareholders.
One lender who is NOT so concerned about hiding these things is Wells Fargo.
I would also suggest that you attend an auction some time just to observe. Sometimes they are pretty lively and other times nobody shows up except for the reps and the auctioneer. I have obtained a lot of information just by visiting with the reps at a "dead" auction before.
Good luck and keep us posted.
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