That's the way it usually goes with foreclosures that are underpriced.
Your agent should have connections with REO agents where he gets a heads up on hot properties coming on the REO market. If not, he/she needs to make them. It's the only way I've been successful purchasing REO properties. You need to do your homework so that DAY 1 on the MLS, your offer is submitted immediately.
It's not that the Buyer/Agent cheated. He just had the head start and intel ahead of everyone else.
If one looks at public records and does some intensive research, all the information is available to get a headstart on others. That is the only way to get REO deals. Its a burdensome amountt of work and one may be successful in acquisition 1 out of 30-50 times.
Sheriff's Sales may also be a viable route to acquire a property. Theat's where you have a chance to bid before it makes it to the REO market.
Please call me if you would like some assistance finding a good deal on your next purchase.
Looking forward to speaking with you soon.
All the best,
Larry Lichtman, CNE
REALTOR, Property Manager
Your Real Estate Resource For Life
Cell/Text: (267) 254-7994
Real Estate Sales & Leasing
Property Management & Insurance
1611 Snyder Avenue
Philadelphia, PA 19145
Office: (215) 271-7070