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REO Buying Tips:

1) Many banks list foreclosed homes on their Web sites. Most of those homes will also be listed with a real estate agent.

2) Get preapproved by a qualified lender. Many banks won't even consider your offer unless you have got a lender's OK.

3) Consider hiring a real estate agent to negotiate the deal rather than dealing directly with a bank yourself. Find an agent with experience in bank-owned properties.

4) If the listing is relatively new, the bank may not knock much off the asking price. You'll have greater bargaining room with listings that have been sitting longer.

5) Don't expect to lowball the price and get the house. Most bank-owned houses sell within 10 percent to 20 percent of the listing price.

6) Be patient. It may take longer than a traditional home sale to get a response to your offer. And banks don't respond during the weekend.

7) Know what you're buying: Most bank-owned homes are sold "as is." Usually, the bank will not pay for repairs, upgrades or home inspections. Look carefully for damages or lack of home maintenance.

8) The bank calls the shots. The sales contract may omit customary real estate terms or include others you are not familiar with. Once the bank accepts your offer, it's usually final.