In my area I am finding the good REO properties are gone the first or second day that they are on the market. To give you an example, one of my investors, who is a cash buyer has not been able to get an offer accepted for the last several REO properties he has put an offer in on. We look at them on the first day with his inspector, and like I said he is a cash buyer and in the contract we state he wants to close within 14 days, no inspections, no contingencies and offers full list price and has not had an accepted offer in the last several contracts submitted. We submit the offer within the hour he looks at the property. So, to answer you question........the good REO properties will be gone immediately. Banks have finally listened and are pricing the homes to sell. The investors are coming out of the woodwork. One benefit to you is if you are an owner occupant. Some banks give owner occupants an advantage. Hope this helps you.