REO Down payment.

[Michael Baybut]

Hi,
Reading everything I can on buying a REO. Had some conflicting information.

1) Come in close to or at list price/ Some suggest 3 or 4 counters???

Also, what effect does a larger down payment have with the REO bank? What's the difference between a 20% down and a 30% down. I can do either but I would prefer the 20% over the 30%. More cash then for reno.
Thanks,
Mike