This property has yet to be listed for sale. Normally, it takes about 8 months for all the paperwork to be processed on a home before it is listed with an agent. 25% below asking is a large deduction. If you want the home, I would not go below 15% off the asking for a starting bid. Are you asking for closing costs, home warranty, repairs, etc. If so, you need to take into account that these items come straight off the bottom line figure for the sale. With a foreclosure, the company holding the lean wants to know what the bottom line is. You need to take this in consideration as well.
I hope this helps you in your understanding on bids for a foreclosure property.
Trish O'Connor, Realtor