Quote:
Originally Posted by BigCat
What's the house worth in a non-distressed market? If its around $300,000, then definitely come in low with the bank. But if its more like $500,000, the price the bank has it set at is probably close to as low as the bank is willing to go at this point, unless its been on the market for some time. I bought a house recently and noticed that bank owned properties almost always went for asking price because they were already significantly discounted. You should probably talk to a realtor in the area. He or she will be able to help you out. On the house we bought, our realtor actually called the seller's agent and ask if what we were willing to offer was worth putting on paper based on the asking price. Turns out it was and we got it for a lot less than the asking price. The point is, consult with a pro in the area and you'll get plenty of info.
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If you have questions with a transaction this big then wouldn't you feel better about it if you involved a professional?