Ana, my opinion is to contact a Professional Realtor who has experience dealing with REO properties. There are some good buys out there and a good Realtor knows where to find them and how to negotiate to get the best deal. Remember, as a buyer , the Realtor works for you Free of Charge. And like your own atty, he works for you NOT the seller. There are lots of minefields involved when you buy REO property so have a professional help you. If you need help finding one , let me know and I can refer a good one to you.