However, The last 3 REO's we have worked with were aggressively priced. They all counter offered at full asking price, generated multiple offers, and went for above asking price. So, if this property you are considering is one that is priced very well, be prepared for this.
Also, I'd suggest working with a buyers agent who has some experience with foreclosures. REO's can be a challenge at times, and a good agent can help you work through the process and get the best deal. Good luck.
1) Financing Terms--Banks Love Cash
2) Closing Date--Sooner the better
3) Inspections and Testing--If you can omit as many of these as possible the bank will be more likely to work with your offer
4) Earnest Money--Banks like to see high earnest money--10% although high, seems to be a significant tipping point for some banks.
Although you might not be able/comfortable to do all these things, try to stretch yourself as much as you can towards them, REO's are competitive, doing as much of these things will increase your chances.
As far as School District Changes, I agree with Michelle, call the School District to see if there are any future plans to make changes, beyond that there is always some risk, but this conversation will minimize it.
Best regards, Guy
If you are not working with a Realtor, I would love to work with you and answer all your concerns,
feel free to call or email me. Regards, Judy Braund, Keller Williams, 608-235-0431