im new to the game but is reo’s good way to find deals ??
No.
You need to try to find the deals before they go to REO.
If you try to buy an REO from the bank, you’ll have a hard time getting them to drop the price.
You’re way better off finding the homeowner before the foreclosure process gets to the sheriff sale.
In general I agree with JDS, but there is still opportunity to look at REO’s.
One thing you can do is look for REO’s that have been listed for 90 days or more. The lenders will usually be more willing to look at lower offers at that point. You still need to make lots of offers, but you have better chances you’ll find a lender ready to be done with a property.
Ideally you can find a realtor to send you listings of REO’s that have been on the market for a while. Let them do the filtering for you.