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A REO is a Bank Owned Foreclosure if you weren't aware of that.
Typically, if you can get a pre-foreclosure sale, you usually have a bigger spread than an REO as the bank will try to get the highest value for the property...especially if there are several liens against it. The golden rule is try to get the property at 65-70% below repaired market value in either case. To figure this out, consult with your local Investor Clubs, a Licensed Real Estate Agent, a local Appraiser or a Licensed Mortgage Broker as most of these people know how to figure out a home's present and future value. Good Luck!
Www.FredTomaro.com
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