At the moment every agent and his dog is advertising repos or bank owned properties mainly because it is the new watchword and as everybody considers these to be the real bargains, many agents are using them as a hook.
The truth is most of these properties are myths, not many agents get the real repos.
I have been dealing wih the banks for over 4 years now and to get anywhere near their product you have to sign many confidentiality agreements and know someone within the banking system to get anywhere near the product.
The system has evolved over the years driven by demand and volume, they used to try to sell them at market value plus bank costs, generally 12%, then they would drop them to the mortgage outstanding plus costs, now the banks are actually asking for offers across thye board.
Please consider that 75% of any bank list will be absolute rubbish but the 25% that is left is very appealing.
An agent that is promoting bank owned property should only act as a middle man and then put you straight in touch with the bank for negotition purposes.
The banks will want to know that you are in a position to act quickly and although many offer subrogation prefer hard cash to transfer toxic into liquid.
I have been privvy to many a conversation and you would be suprised and shocked at some of the dealings withing the banking system at the moment.
So in essence take everything at face value,any agent should not be afraid to declare which bank they come form and after signing an agreement, should happily take you to them.