re: A 1x12x8' Red Oak board is $90 and 3/4 Oak Veneer plywood is also $90

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dont you report on condition, value, etc so the bank can determine a max bid at auction?

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No. We don't do value determinations. That is appraisers. How do you not know that if you handle REOs?

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Whats to stop you from saying houses are in poor condition to keep the banks max bid low, then snapping them up at Sheriffs Sale?

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Banks are only going to bid it to the writ amount. They don't care what condition it is in. They are bidding the writ amount. They aren't bidding over the writ amount as they aren't in the flipping business.

Again, how do you not know this?

Also, if I fail to report damages then I can be held liable for them. Its part of the contract.

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Ive done over 200 in the last 8 yrs and you sir, are wrong. I dont manage REOs. I buy them at auction.

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They only go over the writ to cover any additional attorney fees, filing fees, court costs, etc. I should have clarified the additional costs in my above response. The additional expenses have to be justified.

You do realize that any money bid over the writ, which the bank can't justify as an additional cost, goes to the previous owner if there is no secondary lien holder? Why would the bank bid it up when it is of no benefit to them? So again they are only bidding to cover the writ and their costs.

Other expenses, such as the work we do, are reimbursed to the lender once they convey the property back to HUD, VA, etc. The only time they don't try to convey the property is if it's a conventional in-house loan not backed by FHA, VA, FNMA, etc. or if the property doesn't meet HUD's conveyance condition requirements. That's when it moves to the bank's REO inventory.

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Im glad to see you're such a cocksucker wehn you're wrong as frick.

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I am not wrong. Banks are not bidding over the writ plus costs. I stand by that 100%

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Ive done over 200 in the last 8 yrs and you sir, are wrong. I dont manage REOs. I buy them at auction.

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I have forgotten more about the process than you will ever know. I know the process for all 14 states I operate in. We manage 200 properties a month at the very least and bill millions per year doing this.

I do apologize if I came across as a jerk in my previous post. I felt like you were trying to accuse me of some nefarious actions to obtain properties.