I have three clients which we put in three offers on REO properties this past Week Aprill 10 to 15 2012
Two offers were at 95% of List price, one was at 97% of list price. All three offers were CASH offers, in the $120K to $180K and rejected as we were out bid.
If that helps.
REOs go for what ever the bank wants. Being an OWNER occupied with an FHA, FANNIE MEA or Freddie Mac loans may help you get the bid.
North and NW Raleigh have fairly stable markets historically...if you have more questions, let me know. Have a great weekend!
If you have CASH, will buy AS IS, a clean Offer, without asking for anything and can close in under 30 days. Banks MAY look at your offer, or as a back up offer. If you have the time.
Remember, Banks are subject to federal Regulation and keeping Neiborhood prices stable is very important.
I assume you are looking in the $500+ range if you have seen homes sitting vacant for 3 years in N. Raleigh. Lower price ranges in N. Raleigh have been steady to sell and there is a low inventory of foreclosures. The best thing to do is find a REALTOR you trust that is experienced with the Raleigh/Wake Co market as well as foreclosures and relocation to assist you. If I can be of assistance please feel free to contact me here via Trulia