One thing that is usually consistent regardless of where you are in the country, is that there are people who know how to make money on foreclosures during down cycles. I think it is telling when a property goes to auction and nobody buys it and it goes REO. This tells me that the market is not ripened sufficiently.
Based on this fact, if this property went to auction and went REO because it didn’t get bought, then I would sit tight if I were you.
Believe it or not you will come across a better deal if you are patient.
