Buying REO Properties

[Ted Klein]

I have searched the forums and there are a number of threads on buying REO's but I didn't find the answers I was looking for, so...

There is a property that was on the auction that went back to the bank as an REO property. What are the steps now that would need to be taken to purchase this property from the bank? Does the bank sale the property for the outstanding balance or for FMV? Do I need to work with a REO broker to make an offer or will any agent be able to present my offer? Is there anything that would help in getting my offer accepted?
Dealing with foreclosures and REO properties is new to me so any help you could provide would be greatly appreciated.

Thanks, Ted