" Is the "transfer value" of an REO in Trulia listings the same as the purchase price? If so, how do I bid or buy it? Thnx!"
The Transfer Value is the amount paid for the property the last time it sold. In the case of Pre-Foreclosure and Auction properties, this amount represents the amount the owner in default paid for the property when he or she originally purchased it. In the case of REOs, this usually represents the winning bid amount at the auction and, therefore, the amount the foreclosing lender needs to recoup to break even.
It has very little to do with the fair market value. The sales price could be much higher, the same, or much lower than the Transfer Value.
I recommend you use the services of a good agent to help you find the right property. It costs you nothing and can save you time and money.
Dennis Smith, ABR, SRES, e-PRO, Realtor® CA DRE#00476662
CDPE - Certified Distressed Property Specialist