Zach - In NC it is typical for the bank to ask what they want. The demand in the market here is not strong enough for banks to attempt to get multiple offers higher than what the ask, at least typically. This can be seen in the fact that most foreclosures sell below asking price in this market.

Is the Realtor who is listing the property saying the bank wants $150,000 or is it a Realtor you are working with as your buyer's agent. Get a buyer's agent to run a CMA on the property and help you determine a value for the property, and than you can decide if you want to put an offer in. But if the property is worth $150,000 and they are asking $97,900 than act fast, because a value like that won't last long.

Good luck and let me know if I can assist you in any way.

Daniel

In the Las Vegas market, we are seeing the banks price their properties lower than market value in order to receive multiple offers, create a bidding frenzy and drive the price up. This is possible because sales have been steadily increasing over the last several months and inventory is on the decline. In general, if the home shows well and is priced right, it will have multiple offers and sell quickly at a price that is close to and sometimes above the list price.

Bank has an entire file regards to the property many forget these factors:
a) Legal fees evict current property owner
b) Insuracne
c) Unpaid taxes
d) Clean up
e) Maintaining a home
f) Realtors fees
g) Bank staff fees process applications

Bank can't profit from a foreclosure.

National Featured Realtor and Consultant, Mortgage Loan Officer, Credit Repair Lecturer
Lynn911

Zach,

The bank's position may vary depending on the area and its RE market activity. Your agent probably is the best resource for this information but you have to be concerned about what you can afford.

Be sure your offer is one you can financially support. If the home is new to the market, the bank will probably steer clear of lower offers early on but if it has been on the market for a while and seen multiple price decreases they may be more prone to entertaining a lower offer.

If this is the home for you, make your best offer and see what happens.

Best wishes