Looking at a home in my neighborhood and it is REO ,the bank has the note on the property. Do I call the bank and inquire about the terms of this REO ?  Can you get assit from the bank to buy? What terms should I look...

The procedure should be fairly simple.  

If the lender stops the foreclosure action, which often happens if the lender discovers a procedural error, and then refiles the case, the homeowner can use the statute of limitations defense.

I'm new to this realm and am trying to understand and digest process, procedure and terminology to help me on my venture in investing. 

You would look for them to write down the principal and waive fees so that the property was no longer upside down.4) You could also challenge the legitimacy of the foreclosure process if there were procedural errors - like robo signers - that raise questions about the legality of the whole process.Send me the address and details of your financial position, property history, etc.

Maybe I have a bias, but for $4-500 you can take a live real estate license prep course and learn some basics about RE law, locally used contracts, local standard procedures, ask questions, etc.

I don't know what the procedure is for getting certified, and I don't know if it's possible to get it accomplished within one year.

I agree with BillYou need to familiarize yourself on corporate procedures & there are a lot of good books out there .

[[bill]] or his mom never followed any of the instructions or procedures.

http://www.adbunited.com/gb-html/trade-agent/trade-documents-procedures/ncnd.html