Just so you'll know, the bank foreclosed on this property at $334K in Sept 2007.

If you want to offer $45-50K, go ahead.

But how much do you know about this property? I saw a duplex on Wallace that was listed at $37K. I thought it was a mistake, until I found out that the house next door, as a few other houses on that block, are sliding down the hill. With the next heavy rain, it might be part of a mud slide.

What's stopping you from writing an offer as close to asking price as possible? Can you build a house on a lot for this price?

What does your realtor say?

Hi Scott,

I wondered how you were doing with your decision to purchase the property in Oakland. Did you do the comps as suggested, and make your offer? What was the outcome? There are many others out there, in case you didn't get this property. It is common to face long waits on bank owned properties, however all cash sales should go much faster. I could do some research in the mls for you after hearing from you. I also have a few more questions. Contact me for further details. Take care and good luck in your search.

Hi Scott,

It's a sign of the times! This property has been bank-owned for nearly a year- various Realtors have been trying to sell it for some time now, and it started significantly higher than the $138k that you have seen. With more than a dozen price reductions, I would say the bank is motivated! That being said, the last few price reductions have been between $5k and $10k each so my sense is the bank is nearing its limit. Are you crazy for wanting to submit an offer that low? Normally I would say, "Yup," but in this case, I don't think you are far off. I would have your Realtor (if you are working with one) run the current foreclosure and sales data in this neighborhood and then submit that information to the bank to help justify a lower offer. Best of luck and I hope you get it!

Krista Miller