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Bidding on an REO property listed over a year

How low is too low to bid on a home in a rural area that has been on the market for over a year. Listed now at 160,000 down from 200,000 this REO is a fixer upper, would 100k be too low for the bank?
  • September 11 2011 - Wetumpka
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Answers (3)

Well, if it has been on the market that long it probably isn't going anywhere quickly unless there has been a recent price reduction.  You might also have you agent try and find out if there have been any offers.
  • September 11 2011
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thanks, we are working with an agent ,but the process is new to us as we are first timers and the idea of walking away and then coming back is a new thought.
  • September 11 2011
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Are you working with a realtor?   A realtor should have some comparable sales for you.  If it needs a lot of work the bank should have and usually do take that into consideration when they are pricing.  However, banks do not normally like to hold properties that long.  Try making the offer, normally they will counter.  Work with them a bit and see how much you can get them down.  You may need to counter back an forth several times.  Sometimes if you can't work it out walk away and come back in 30 days.
  • September 11 2011
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