REO pricing question

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Hi, I've been looking around and I have a question on the REO's. Various websites have bank owned listings and there is an amount listed...is this the amount you would pay the bank for the REO? Or is there some 'catch' that I do not understand?

I know the basics of real estate (I suppose) and was interested in investing at one point in time but a bad transaction will make one lose interest really fast...I might be getting over it.

Anyway, I am just asking because I've seen places for $1k to one million and I would assume that the price listed is the "purchase price" plus paying for closing?

I plan on reading some books and such, but if somebody could provide me with a short explination (Like "yes, if the bank lists for $5.00 then you can buy for $5.00). I understand they are "as is".

Also, are there any sites in particular to stay away from? Scam signs?

Thanks.