The foreclosure market seems to be changing daily, but I can tell you from my experience most banks are rejecting anything less than list price. They will do it over and over and then reduce the price to one that was lower than one or maybe more of the previous offers. The good news is, most banks and asset managers have internet based systems in place where you can often receive your answer within 24 hours.

Here's a link to a post from realtor.com that quoted me talking about foreclosures.

http://www.realtor.com/blogs/2009/06/24/foreclosures-are-not…

hi, it all depends on what the home was purchased for, the banks will only take a certain amount , they have that number in their minds already, rarely do they let the agents in on their price point!
so yes give it a try, would you like to go in without representation-with the biggest purchase of your life ??!!

Cheryl...I'm a homeowner in Oakland with a beautiful home for sale at a great price. Not sure what you're looking for, but my home is 4yrs old, has all the upgrades and is ~2,200sq. feet. I planned on placing it on the market in the coming weeks for $179,900. (cheap to comparable properties in my neighborhood) If you have interest, maybe we could eliminate realtor fees and get you a good deal on a nice home. My bottom line is $164,000. If you'd like to take a look at it, let me know.

**Please no calls from realtors wanting to list my home. I've got a friend that will be doing that for me. Thanks!

901-569-6050

Cheryl,
You should contact a Realtor to help you with this process when you are ready. You can buy properties at a great value from some of the banks today but it is a functon of time and the amount of interest that the property has received. If this same property has been reduced from 207k to 179k then they have not had any body willing to pay for the home. It could be that the condition is poor and the buyer would have to do a lot of work before they could move in. Many times the banks are not willing to fix these properties. A Realtor can help you though this.

Cheryl,

Having no idea which property you are considering, the condidtion, the neighborhood, the time on the market etc, etc, it is impossible to advise you properly. My advise is to pick a Realtor familiar with the Oakland area to advise you. I have worked with several clients in Oakland; I am familar with the area and would like to assist you with this opportunity. Just give me call and let discuss.

Gerald Williams
Affiliate Broker
BenchMark Realtors, LLC
901-413-2233
gh_williams@yahoo.com

Call Hattie Brawley at 828-6517. She's a realtor who knows Oakland inside and out.