Thanks for all the comments. The only positive I have is that I am not in rush. I'm really conservative so I sold my home in June and currently rent an apartment month to month so I can be a little more resilient than most other buyers. I'll just have my agent stay on top of the selling agent.
As for REO properties, I have been very disappointed in the DC area. It appears that the trend is if you get foreclosed, it's your job to destroy a beautiful home. Kitchen cabinets removed, counters damaged, floors destroyed, etc.
Thanks again for all the valuable information.