Buying REO property - Tips and tricks

[Rizwan Qadri]

Hi Friends,

I am interested in a Fannie Mae property that was foreclosed and is going to come back to market this week. I know many folks in the neighborhood are interested in that property.

Besides the actual offer price, what other steps should I take to stand out if there are competing buyers. As per realtor the bank is looking for 379K as listing price but again this property need lot of work and realtor thinks 250k should be a good offer including the 50k rehab cost. This is going to be a FHA 203KLoan.

Looking forward for pointer and tips etc.

Thanks

Riz