Zillow Advice: Buying a Foreclosure - what is the average percentage to be over list price on an reo bank owned property? http://www.zillow.com/advice-thread/what-is-the-average-percentage-to-be-over-list-price-on-an-reo-bank-owned-property/434732/ Zillow Advice | Zillow Real Estate Having been an asset manager ... http://www.zillow.com/advice-thread/what-is-the-average-percentage-to-be-over-list-price-on-an-reo-bank-owned-property/434732/ Having been an asset manager for a bank, I can tell you that most, if not all banks are going to have formulas for what they are allowed to accept. For example, many banks will not allow the asset manager to accept an offer that is less than 5-7% less than the list price within the first 30 days.&nbsp;<br/><br/>Most bank owned homes will end up selling for less than their original list price. As long as you are not competing with other offers, I would suggest starting out lower than the list price.&nbsp;<br/><br/>I do need to say, though, that unless there is a very compelling reason, an extremely low offer on a bank owned home is not going to help you. The asset manager won't even have the ability to accept the offer, even if they wanted to. The best strategy to take is to make a low, but justifiable offer.&nbsp;<br/><br/>Hope this helps! Good luck! Wed, 14 Mar 2012 03:47:00 GMT http://www.zillow.com/advice-thread/what-is-the-average-percentage-to-be-over-list-price-on-an-reo-bank-owned-property/434732/ 2012-03-14T03:47:00Z Depends on the area and the ... http://www.zillow.com/advice-thread/what-is-the-average-percentage-to-be-over-list-price-on-an-reo-bank-owned-property/434732/ Depends on the area and the number of offers submitted. I would suggest contacting the listing agent and asking how many offers they have. Generally the more offers the higher the property will go over list price. Remember that cash is king and cash offers may win out over higher offers that have a loan. Good luck! Tue, 13 Mar 2012 20:55:00 GMT http://www.zillow.com/advice-thread/what-is-the-average-percentage-to-be-over-list-price-on-an-reo-bank-owned-property/434732/ 2012-03-13T20:55:00Z I couldn't have said it any ... http://www.zillow.com/advice-thread/what-is-the-average-percentage-to-be-over-list-price-on-an-reo-bank-owned-property/434732/ I couldn't have said it any better than Craig. The only thing I would add is this. Keep in mind that if the price range is low then there are likely going to be multiple offers on the home from many investors and the bank will take the highest and best offer, so go in strong. You aren't really fighting the bank when negotiating an offer on the lower end of the price range, you're fighting all the investors. Good luck. Sun, 11 Mar 2012 14:30:00 GMT http://www.zillow.com/advice-thread/what-is-the-average-percentage-to-be-over-list-price-on-an-reo-bank-owned-property/434732/ 2012-03-11T14:30:00Z There is no magic %age or ... http://www.zillow.com/advice-thread/what-is-the-average-percentage-to-be-over-list-price-on-an-reo-bank-owned-property/434732/ There is no magic %age or amount.&nbsp; There are a lot of factors in what the seller will take.&nbsp; Generally they want market value and will price the property based on market and property condition.&nbsp; Bank Owned properties are already 10-20% below market and then may be lower if it's in poor condition.&nbsp; I purchased a property 50% less than original list price but it was on the market for a while and needed a lot of work.&nbsp; Bank was motivated to sell.&nbsp; That is not typical.<br/>Your&nbsp;offer should be based on the current market, - any repairs for similar properties.<br/><br/>All the best Sun, 11 Mar 2012 03:25:00 GMT http://www.zillow.com/advice-thread/what-is-the-average-percentage-to-be-over-list-price-on-an-reo-bank-owned-property/434732/ 2012-03-11T03:25:00Z