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When you buy a foreclosure property, you have to realize that the people on the other end have no real emotional attachment to the property. To them, this is a file that needs to get resolved. Most Asset Managers work off a protocol. The price is set based on several BPO's and appraisals. The house is listed and systematically reduced until it is sold. The longer the house sits, the lower the price goes. If you are the only person making an offer, you have the luxury of starting lower. I personally wouldn't try anything less than 80% of list price. If you are one of many...then make the best possible offer you can...where you won't be disappointed if you don't get it. Best of Luck!!!
In our area prior to putting on market the banks usually get about 3 appraisals before they determine list price.How long has this home been on the market? How many active homes for sale are in competition with this property? What kind of repairs or upgrades are needed? Will this be a rental property or owner occupied? What has overall sales been recently with comparable homes? What is fair price is the price you are 100% comfortable making after determining the factors above . Contact your local realtor to get comps for recent solds. Make sure if you do bid on this home to get your inspections as part of a contingency period. We have had copper plumbing pulled out, electrical sabotaged, cement poured down the toilet and a myriad of other issues. Good Luck!
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