Need advise regarding REO property

[realestateman1]

find your local board , they should be able to direct you to a reo agent (buyer's)

[20something RE Guy]

I am a home buyer interested in purchasing an REO property as my primary residence. I currently am not working with an agent.
This past weekend, I located a REO home in a high end neighborhood with great schools. After doing a bit of research I found out that Deutsche bank purchased it at auction for $100. The loan amount in default was just under $820,000. It is currently on the mls for $650,000.

I spoke to the listing agent today who was excited that I did not have another agent representing me in this deal. The property description says "as-is". Here is where I need some advise -
1. Should I get an agent to represent my interest ??
2. Can an offer be made without an inpection or contingent to an inspection in an REO - as-is sale ?
3. What kind of an offer am I expect to put in ? Should I do best and last or a lower one inorder to start negotiations with the bank. Will the bank not consider me a serious buyer if I put in a low offer ?
4. Can I do a contingency offer ? (my home is currently on the market too.)

Thank you. Any guidance will be much appreciated.

I hate to conflict with the previous poster(s) But I have listed properties that were owned by DB and this is what I've noticed in my cases.

1. A Agent won't hurt you at all, i'm sure the listing agent will be upset as most banks do a 60/40 type split in favor of the buyer's agent for a commission structure. You NEED AN AGENT THAT UNDERSTANDS REO PROPERTY! It's very different than a conventional purchase, this is why it "May" be good to find someone related to the listing agent and get them involved, he might be able to do a buyer refferal fee to point you to the right person. Contacting your local board may be a good idea, but i don't think my board would know who's a REO agent and who isn't (I deal with them often and i know they wouldn't reffer me). Lastly....and it's shameless self promotion, if you can't find a REO agent in your area, please let me know and I'm sure i can locate one for you.

2. A offer can be made without an inspection , most banks will not however pay for a inspection ,or repairs should a inspection find problems wrong with the property. I have had limited success with getting them to pay for repairs (Although I have been successful doing it a few times).

3. Put in a REALISTIC offer, if you do have a agent that represents you, have them preform a CMA, and give you fair market value for it with the current condition factored in. Put a offer based from that information, if the property is over priced, eventually it will come down ,and they MAY contact you to put a offer in. DB's Outsourcer (Although it could be different in your state) is pretty good to work with, if your offer is low, they may not respond to you in any way. If it's realistic, they will usually just counter with the addendums and that will be it.

4. Had SEVERAL people come to me with a contingency offer and the banks response was always NO. Some banks will even refuse the offer if your property is under contract, lenders know that you can get a blanket loan and buy it without selling your property already. If OCWEN is the servicer, they almost never allow a contingency contract.