Robby- I think I can shed some light on this for you. I list bank owned homes, and my bank asks that I NOT use the term bank owned in the advertisements, signs, flyers, etc. Of course it is all disclosed during the process, but some agents or banks may choose not to use the terminology because there may be some negative connotations the the term "bank owned" for some buyers. Obviously not you, but some people might take it to mean the house is not in good condition.
The REOs are out there because I list them, watch the market, and see at least 10-20 a day come on the market in Vancouver. The key is acting quickly when they do. 75% of the properties my partner and I sell are foreclosures and most are under contract within 48 hours of coming on the market.
There is a way to set up a search identifying bank owned properties in particular... weeding out the short sales with deceptive pricing! If you would like my assistance, dont hesitate to contact me personally. You shouldn't have any problem finding what you are looking for at a good price right now. - A few hours ago