My best adivce to you would be to get an experienced agent that has experience in dealing with REO's. Not all banks are the same, Fannie and Freddie have different criteria and HUD is in a world all its own. The good thing is when dealing with a bank you don't have to worry about all the emotion involved in dealing with an individual. The bank is simply looking at the numbers and one of those numbers is the time on the market. As in the rest of the nation Albuquerque has had to deal with large numbers of foreclosures and they can be tremendous opportunities for a buyer. When you consider the drawbacks of foreclosures, and there are some, they are more than outweighed if you get the right deal and a qualified agent can help you with how to do that strategically. Now finding an exceptional agent, that is the hard part!
Many instances it can take me hour or more off investigation prior to me communicating with my buyer make a suggestion for sales offer
Lynn911 Dallas Realtor & Consultant, Loan Officer, Credit Repair Advisor
The Michael Group - Dallas Business Journal Top Ranked Realtors