How much to offer on a foreclosed home?

Question

There is a house that was foreclosed in October of 2007 and is listed for $132k. How much can I reasonably offer? I know it depends on Comps, Repairs needed, etc. But how long will a bank want to sit on a house? It's almost been a year. Will I be able to get the house for cheap?

Answer 1

Very likely.  Real Estate owned (REO) is about a bank's most unfavoriote thing and causes federal regulators to make unpleasant sounds if the bank has too much of ot.   Do a bit of digging and see what the bank got stuck for on this one and make your bid from there.   You can always go up but you sure can't go down.