Now I am wondering how to approach this deal (and the Realtor) with an offer in which we can assign the contract or if I should just cut my losses and pass the lead off to an investor.Any thoughts/ideas are greatly appreciated.

In the mean time, a large developer has approached us to purchase the land.

Then you can either pursue the property at foreclosure sale - if the numbers pan out and you have the cash - or approach the owner with a proposal.

Agents for banks are charged with getting the highest possible price just like agents for any other homeowner.Not to take away from the incredible importance of a good buyer's agent, a simple reality that you'll have to get use to is that buyer agents are at a disadvantage when it comes to submitting offers; but this isn't a characteristic of just REO, it's all of real estate.

What is the best approach if I don't have a buyer?

Also if you could let us know in your opinion the dos and donts that you think will help out approaching a possible flip!

Does anyone have any personal advice about how to approach people?

What kind of sellers have you approached?

Basically we use a team approach.

My biggest problems are getting into the mindset of a seller when approached by somebody like me who wants them to be the bank.