Are you working with a Buyers Agent who deals mostly in Bank Owned property?
There are many differences in negotiating with a bank versus a regular seller. Does your agent know how to properly submit an offer? If your offer is not complete with all required forms and disclosures your offer may not be accepted even if you are the highest bidder.
Your agent should be aware of the contract addendum provided by the banks agent and how it impacts you.
Is your agents company active in Bank Owned Properties?
Agents working in offices that are active have a leg up through information sharing. They will know more about the process and could have access to properties not yet on the market.
Does your agent know how to communicate properly to REO listing agents?
Many times these listing agents have dozens of properties selling a time. They are extremely busy and stressed so it is vital that your agent knows how to represent you properly. Your agent must know the right questions to ask and how to get through to the agent.
Consider Your Competition
The weather plays a huge roll in the amount of offers on a home.
For example – A property on a week of 80 degree weather and sunshine could have 20+ offers in the first week on the market. That same house during the rainy season might have 0 offers for several weeks until it sells. How does this save you $? The 20+ offer home will sell to the most qualified buyer with the highest offer and highest down payment (many times 100% cash purchase). The home with no offers will have a price that's negotiable.
Buy during holidays and normal down times.
Although foreclosures slow during the holidays the banks MUST release some inventory. While most buyers are busy celebrating, you are saving $.
Look for ugly but structurally sound houses.
A ready to move in home will sell quickly and at market value. An ugly home (many of these Foreclosures are) can save you a ton of cash if you do the work yourself. Go to Home Depot and buy some books or watch their classes if you don't know what to do. Beware of sinking foundations (doors won't open properly) and leaky roofs. Check the A/C and heater, plumbing, and electrical. It is highly recommended to have the home inspected, but always use your best judgment.