ugly house REO

[Dan Miller]

There is an ugly REO (looks like the foreclosed owner had a going away party), and it has a realtor sign in the yard. However, when I called the realtor, I was told that the bank hadn't figured out how to price the property yet, so it wasn't actually listed. I'd like to put in an offer on this house or talk directly with the bank, but as a newbie, don't know who to contact (it's an international bank). Should I just call the realtor directly to do the paperwork? It would be an all cash offer, so we're talking about 50-60 cents on the dollar.

It's worth about 375-400k ARV (3BR/1BA) and probably needs about 50k in repairs. Thus I was going to offer about 200k or so in cash.

Thanks,
Dan