When a bank has properties that they are going to sell off they want the sale to go as smooth and as effortless as possible.
This is the main reason that most bank owned properties that go up for sale are sold in an auction format.
This means that the property is put on public display and that anyone that is interested can come to the auction and battle it out for the property.
Depending upon how many people are interested you may get the property for a great price.
Auctions are held for the most part so that they bank can at least break even on the property that they now own.
If you are lucky enough to be the only one to know about the auction or the only one that is interested in the property you are going to get a great deal.
If other people show up and they are as interested as you be careful not to get too carried away.
The bank is hoping that there will be bidding wars and the property value will be driven up way above what they were even hoping for.
Do not get carried away.
Before the bidding even starts know your limit.
Stop at that limit to avoid getting stuck with a property you cannot profit from.
Be sure to keep in contact with the bank.
This is the best way to keep abreast with the properties that they are planning on auctioning off or the ones that they are attempting to sell normally.
Do not get behind in your game by not knowing when the auctions are going to occur.
A lot of great investment opportunities are missed this way.
Have fun and play the game.
Bank own property investing can make you more money than any other real estate investing if you know how to do it right.