REO Rookie

I got tossed into the REO areana by surprise yesterday. I’m hoping, as usual, to get some great info from the usual suspects.

I see in the land records that the bank listed the prop as recovered at something like 220K
The original deed was at 200K.

Is this typical and are they adding in attorney fees, any tax liens they had to pay etc to the forclosed price?

do you usually start your discounts at the original deed price and figure the attorney fees etc is the price they pay for doing business. Or do you take the resale value and work back with repairs etc like a rehab flip?

Thanks again everyone.

Whenever you are talking about corporate America and the banking industry nothing they do makes sense. I have put offers in on 1,000s of Bank owned property and have found no message to there madness at all. I have offered 150k on 250k property and have gotten it and I have also offered 155k on a 160k property and lost it, My Personal thoughts on the subject is they are just like anyother seller the longer they hold the cheaper they go. Now that being said do you have a few other investors to work with that want to buy properties? If so they do cut value fast when you buy at least 10 properties at a time.