Assuming the counter offer is around where the BPO came in at and who ultimately owns the note can determine what percentage of the BPO will get accepted.

I've notified all of my friends and family but since I moved out of state I have also just finished the state law class for their state and I am taking the test next week (it's a reciprocal state).

Thing is he actually made and got the offer accepted (REO) in his name .

The bank will likely require an independant valuation like an appraisal or BPO before accepting any offer.

Now lets see if the offer gets accepted by the bank.

I accepted that challenge.

But just keep in mind that unless the property goes through the tax foreclosure process then any and all liens against the property still are existant and in full force.You still can find good deals this way the same as finding any distressed homeowner who will accept a lot less for his property than it is worth but you will still have to deal with any legal lien claims which could kill the deal.And then you will find those that did not realize that they were the actual owners and you will be alerting them to pay the taxes so as to keep the property.

The advantage is that THERE IS VERY LITTE WORK other than making lots of offers and getting one of them to get accepted by the banks.

If you make a low offer the agent says oh they will not accept that, how do you know that?

Slamming door, thats how are tenants are, you learn to accept it.