Negotiating with Lender on REO

[Linda Pena]

I came across a property that a client saw and went to check it out on the MLS. The property was not on the MLS yet, and I found out that the property was an REO. Being that their was a paper on the window of the property that said this was a BofA REO property I called BofA and spoke to a REO specialist. He told me the property is not yet "bank controlled" and will be fully foreclosed on Feb 17th. He advised me to negotiate a deal with the lender.

I've never negotiating straight with the lender and had a few questions:

1. Being that the bank will be BofA bank owned, that means that they are the lenders, correct?

2. Who do I call to talk to a BofA lender about negotiating a deal?

3. What do I base my clients offer on? On how much they owe, the RVM, etc?