It is already an REO. They just haven’t given the listing agent a price yet.

As to the other question on why I would want to offer before it is listed, I have pulled the foreclosure report and I think it is worth what is left on the first. I really like the house, so the idea is to hopefully not have to wait a long time. My thought is maybe the bank will accept a reasonable offer right away.

So far I don’t know who to contact at the bank, and my realtor doesn’t seem to know how to handle an offer directly to the bank (or isn’t willing to).