I would recommend you get a Buyer's Agent. If you contact the listing agent and you decide you want to buy the house, they will offer to represent you (which is legal in DC), but they cannot fully represent you as their first duty is a fiduciary one to the seller. Meaning they can't tell you how LOW the seller is willing to go and their main goal is to get the MOST money for the house for their seller. Also, a Buyer's Agent's fees are paid from the seller at the sale of the house, not from you, so you don't have to worry about that.
701 Farraday is being offered by Brandon Green Properties, a very reputable company in DC that does lots of foreclosures, REOs, renovated properties, bank-owned, etc. so they know what they are doing to get things done fairly quickly. The seller is also offering 3.5% closing credit if settlement is by May 1 - easily doable if you have your financing in place. With that, on top of the Federal Tax Credit, if you bought it at the listed price, you are looking at about $13,000-$14,500 toward the house NOT coming out of your pocket.
If you are interested in talking to a Buyer's Agent, I'm licensed in DC, MD and VA and would love to have the opportunity to meet with you and talk about financing options and what type of home your interested in.
Kangal Real Estate