I would love to tell you that you are going to find a great buy on a Repo, but the truth is that in the last market the Repos were discounted because of condition. This is still true, although where the difference lies now is that the inventory is so lean and the interest rates are so low that the home buyer now has to pay over asking price to get the home they are interested in. According to your sales price you will most likely be in multiple offers if the property is below $250,000.
If you do get your offer accepted there is a provision built into the purchase contract that allows you to a 17 day inspection time frame. During that time frame you can have a home inspection done on the property and if you should find out anything that would make you not want to purchase the home you have the right to back out of your contract and take your earnest deposit money with you. The biggest challenge in this market will be getting your offer accepted. So when writing your offer you need to write the cleanest offer you can.
If there is anything I can do to help you with your home search please feel free to email or contact me at (909) 821-7133.
I hope this helped!
Remax Real Pros