The condo you're considering will probably be under contract within a week with an ALL CASH buyer. Usually bank owned (especially Fannie Mae) are priced to attract multiple bids.
If you need financing, you may want to consider buying a non-condo and make sure to get an approval for an FHA 203K S. It will give comfort to the asset manager that any repairs required by your type of mortgage will be able to be completed "after" closing. It may make your offer as valuable as an ALL CASH offer. The only drawback is you may need to allow 60 days to close with the 203K S. I recommend you go directly to Wells Fargo.. Mortgage Brokers can also do these but you may end up with a less friendly lender than Wells Fargo and may end up in a nightmare situation when trying to complete the improvements (i.e. new roof, new flooring, etc.)... more