Bank Owned Properties — What to offer?

Tips and Deals Forums Buying Your Home Buying a Home in Seattle Bank Owned Properties — What to offer?

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      I am trying to get any information or insight into the purchasing of bank owned homes.* Is there some sort of “5-10% below asking price” rule of thumb that can be followed or do they set to list price to a certain amount and they won’t accept anything below that amount?*

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      Here’s our example:* My husband and I are interested in a house that is kind of remote (not quite BFE, but approaching “boonies” status), the only road to the house is prone to flooding during major flood events, and has some other downfalls, but is very interesting to us just the same.* We know that the house was foreclosed on for roughly $410K in 2010 and was listed this year for $500K.* The bank replaced all of the carpet, put in appliances, and made some minor repairs.* The price then dropped $25K after the first 30 days and is now at $475K.* One of our biggest problems is knowing what to offer on this house.* We have searched and cannot find any real comps.* Even our realtor said she couldn’t find any comps and ultimately just said that the house was “priced reasonably, but they would probably accept 5-10% below asking price”.* So, without there being any comps how do you know what would be a good/decent offer, and what would be an insult and would not even get a counter-offer?* We would really like to buy the house, but given the current market conditions, want to pay as little as we possibly can for it so we minimize how far ‘underwater’ we’ll be next year when the market is down another 3-5% (I certainly don’t think it will be “up” next year).

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      I know that a very similar question was asked previously, but it was posted back in 2009 and*I*feel that things have changed a lot since then.

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      Thanks in advance for any insight or advise that you can give me!!!!

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