Hi Bane
I will give you an idea of the hassle I have been through and then maybe someone like SD Realtor can give you some advise. I went into a foreclosure with my agent and decided to make an offer. I low balled and made the offer right before they were to receive the NOT. The bank said no… they wanted to get around 90% of the BPO (Guess). In my case I had an agent who had never worked with short sales and a broker who said he would work with me, only to have him send me a threatening email when I contacted the listing agent to find out about the BPO. The house has interior unfinished construction and I wanted to know if the bank had photos and knew the extent. They postponed the NOT and we are just sitting with a new offer at the bank. In the end I think it might have been better to wait and buy as REO, but the current owners are living free for almost a year.
Therefore, if it is already an REO you might be better off.
