Offer guidance on REO property.

I'm going to make an offer an REO property today or Sat.  Bank is willing to take 5% down, waive PMI and offer special rate.  The listing price is $850k.  There are 5 homes out of approximately 15 in this gated community that have been foreclosed on, one is unfinished.  The tax 2009 value of home is 710k.  I have seen this property listed for 695k before it was foreclosed on then, I saw it listed at 762k about 3 months ago.  Can you give me some guidance on offer price as well as closing scenario etc.  I need your advice, I'm meeting realtor at 2:30pm today to see home on more time.

Eli,

That is the type of advice you should be getting from your realtor.  We have no idea the market conditions that you are working in nor a lot of specific information that your realtor will have.  Ask your agent those questions and then act accordingly.

Kent is correct that you should be having that discussion with your real estate agent.  However, be sure to determine for whom the real estate agent that you meet with is working.  If they have the sign on the property then they are probably an agent of the seller and owe their allegiance to the seller unless both you and the seller agree to them acting as a dual agent.  You are typically better off to have an agent that is working for you exclusively.

I have to jump on here and agree that we can't help specifically on this property . . . and that your real estate agent should DEFINITELY be helping you out here . . .

I did put together some general info on obtaining house info here:

http://www.mortgagenewsdaily.com/wiki/Property_Auction_Information.asp#107136