Good luck, Ron. Hope everything turns out for everyone's favor.

Thanks Andrew, I read your profile and noticed that you also have your MBA, I wonder if there is a group for MBA grads. Would be cool to make one and see how many of us fall under this umbrella. 

Ron - welcome to Active Rain!  Congratulations on your first post.  If you haven't joined any groups yet, you'll want to join the Active Rain Newbies group - let me know if you need help.

I have already landed one bank and already working on 2 listings for them. It turns out that on one of the homes, the owner has rented out the house to an unsuspecting tenant. We are in the process of offering cash for keys to the new tenant. As soon as the tenant accepts and moves out, I will market this home for sale. I hope to have the listing soon. 

Sounds like my business!  Remember it's helpful to your fellow professionals as well as future clients to post your experiences in dealing with REO properties.

Just to follow up on this story, I was able to successfully negotiate the cash for keys with both tenants (the home has a guesthouse). Since they only spoke Spanish, I was fortunate to be bilingual in this situation and communicate with them that the home had to be vacated by the end of the month. Unfortunately, they are also here illegally and do not have social security numbers. So, the bank will be reimbursing me for the money necesary to negotiate the cash for keys agreement.

Loretta,

I intend to share my story on my REO experience here through this medium. I hope that you find my information useful and interesting.