First and foremost, because you are dealing with a bank owned property you should consult with a Real Estate Professional in that specific market, not just for the piece of mind that you will get as far as market values, but for the fact that you will have someone in your corner as you wade your way through the REO process. It can be very confusing and frustrating to someone who hasnt been through it.
I can reccomend someone in that market for you that can meet your needs. Just let me know if you would like me to look into it for you. You are very smart for getting into the market at the current time, make sure you dont pay more than you need to. Have a professional on your side.
Best of Luck,
Prudential Palms Realty
130 N. Tamiami Trail
Sarasota, FL 34236