It depends on the price of the REO home. If its priced well, the home will be snatched up quickly by investors. There are a lot of people looking below $100,000 right now and it's difficult for those financing to get the home first because banks would rather take a cash buyer, even if the offer is less than someone who is using financing.
Also, if the home you are offering on isn't eligible for financing, your offer will be denied. Many of the REO's in Crescent City are not financeable.
Please contact me to discuss your situation further so I can be of better service.