Offers on Bank Owned properties

I think it definitely varies from bank to bank and how long the property has been on the market. If it just hit the market and you're trying to get them to come way down on the price....you might be pushing your luck. If it's been on the market for over 90 days, they might be more willing to take you seriously. If it's towards the end of the month and that bank just HAS to get rid of some of it's inventory....they might be willing to go low. Depends on the market, depends on your area, depends on the bank.

Bottom line is.... it's hard to know. You might have to just get out there and make offers and see what gets accepted. Sometimes if you go really low....they won't even respond. However, you never know, they just might accept. I've bid over list price on some properties that I thought were a good deal and still lost them to a higher bidder.

Keep your eye on a few listings as they go from pending to sold. See what the list price was and what they actually sold for.

Thank you. I am having my agent put in an offer for close to $60k less then the list price. However, the property has been on the banks books for over 2 years. It also gives me some room to play around a little if the counter.

There is many variables. Just use the numbers. Formulas. That is what it is all about. It is business. Leave as much emotion out of it as you can. Be somewhat realistic though. Example: lets say you have a FMV of 300k and their asking 350k and your numbers say 140k it may work. But if you arbitrarily offer 1,400 your not likely to go anywhere but out the door, fast.
I'll combine 2 saying around here. If your offer is not offending you and someone else than it is to high, but don't make it so low that it ****es them off. Make it low enough that you have bargaining room to come up, but high enough for them to consider it. Make sense. Be able to back it up with provable NUMBERS and you have A CHANCE!