Almost all REO property is in the MLS. You will be best served by getting in touch with a local Realtor who can search for those home specifically for you. I would recommend that you do not limit yourself. While you can get a great deal on an REO home you can also get a great deal on a lot of properties in this market. So don't limit yourself. Banks sell REO's for as close to market value as possible but there are plenty of motivated sellers with homes priced competitively that will be of comparable value to anything in the REO market.
Good luck with your search.
REOs may seem attractive, but it does limit your ability to see all properties that may be what you're looking for. If an owner is in pre-foreclosure and offers his home on a short sale, for example, or a home is listed well below market by its owner, who is not in trouble, then either of these cases would not show up in your list of REOs.
A more complex search is called for to help you sift through all the properties. Banks may appear to be stupid, but the listing agents for REOs are not. Most often REOs are listed at fair market values.
Fair market value means that if the property were purchased at asking price, fixed up and re-sold at the purchase price plus fix-up costs, it would fetch the same price. Your transaction costs (closing etc) would be larger than your profit.
Showings on REOs are similar to other listed properties. Ask a Realtor to show a property, and they'll set up an appointment. If the bank has not yet released the inventory for showing, then no one can see it.
I can set up an automated search for REO Properties in our MLS system, if you have already found a property send me the information, I will review it if it is still on the market. You can also search online http://www.dallashomelist.com which has a MLS search and some of the properties are REO properties.
Let me know.
Once that is determine properties can be sent work within your specifications and lender requirements.
Lynn911 Dallas Realtor & Consultant, Loan Officer, Credit Repair Advisor
The Michael Group - Dallas Business Journal Top Ranked Realtors