Most Bank Owned (REO means Real Estate Owned) Multi Family properties have procedures to follow which can be located via the Listing Real Estate Agent's Web-site. Some Banks' rules require the Buyer to be pre-approved and qualified through that Bank's Mortgage Division. Every Buyer Should be Pre-Approved for their Financing. If the Buyer is a Cash Buyer, The Seller will expect an Authorization of Funds on Deposit to show they are indeed a Ready, Willing and Able Buyer.
Some Banks accept offers from Owner-Occupied Buyers within the first 7 to 10 Days after the Property is Listed on the Multipe Listing Service. After that time frame, Investors will have a chance to make their Highest and Best Offers. Frequently, REOs participate in Multiple Offers which is why utilizing the advise of a Licensed Realtor is so important ... they can help you wih a Comparative Market Analysis of the Property you are researching.
Prudential CT Realty