foreclosure reo purchases?

[Jordan Pothier]

I am looking at purchasing a foreclosure (reo) and am wondering what the differences are with this and a traditional sale, besides the obvious, from an investors stand point. Since its owned by a bank I would assume there is room for negotiation, hopefully. What would be the smartest way to go about this type of purchase with negotiation and what steps should be taken? I am not sure what questions to ask or what the process looks like with a foreclosure as I have only purchased 1 home (primary residence) before. It is a 3/2 for $129k the comps in the neighborhood range from 130k-155k and from the looks of it its in decent shape and is just in need of updates, any wisdom and knowledge is much appreciated, thanks in advance!