I agree with Payne Walker's answer. Since there are so many foreclosures in today's market, there are no formulas to determine a percent off discount. The condition of a home varies drastically from home to home, so it is important to know the condition of the surrounding homes that have sold recently. I've even had some realtors calling me lately to find out the condition of a home that I recently sold to better assess their offer price for a home nearby. I welcome this information and pleased to see realtors spending extra time to better assist their clients. Your realtor will also take into consideration how many days the home has been on the market, has there been a prior contract that fell through, when was the last price drop, which bank owns the property, pending offers, CMA's, timing analysis, etc. I know I wasn't much help, but it really does vary on so many factors right now. Yes, I've seen offers accepted 20-35% less than asking, but I've also seen multiple bids on a property that was priced great and ended up selling for more than asking.

you can probably find the listing that shows what the bank wants for it

here look through some of these for the property

http://www.nwmlsonline.com/

MIke, Have your Realtor do Comparitive Market Values, Share the Realtors knowledge of the current methods and prices. To relate, last week we got Bank owned for 65% of CMA ("Comps") in an excellent School District, and a 76-80% of CMA for a perfect house in a very good school district. A Realtor will help you 'buy right!' These fortunate buyers will "make hay!"

Matt,

Unfortunately it's not that easy to determine what a likely sales price would be. A buyer must know what other comparable homes are listed for, sold for and under contract for. In other words you must first know if the asking price is "right". You see if a home is listed for $250K but market conditions indicate a value of $230K that should be considered in the offer. In the same way if it's listed at $250K and market conditions indicate a value of $275K an offer of $250K would be appropriate. If you would like me to discuss it further with you just let me know. I can put you in touch with someone who could help you evaluate what an offer "should" be.

Thank you,
Payne Walker