Bank owned property includes homes and properties that have been foreclosed on by
the bank. The bank actually owns these houses, and because the
bank is not in the real estate or rental business they need to sell
the foreclosed property quickly.
Don't get me wrong, this is not a fire sale, banks do their home-work, First A BPO "broker price opinion" is ordered from a local real estate agent which helps the bank to determine the property value. Once a price is established, and a real estate agent is hired to market the property, offers can be addressed.  An offer response can take from one day up to two weeks in most cases.  The process varies from bank to bank, however if you choose to make an offer, you can expect a much quicker response than if the home was a short sale. "which can take up to 6 mos."
With bank owned homes you have more options because it is in the banks best interest to make the property financable.

1.  Ask for funds to cover your prepaids and closing costs.
2.  Ask for repairs to the home.

For more information on how to purchase a bank owned home in your area
please contact Dan Bradstreet