Buckeye actually has one of the higher absorption rates in the Valley right now (new numbers just posted to my blog.) So it seems to be less that than a function of buying a bank-owned home.

JSA, if you're not working with someone and want to save some time and aggravation, feel free to contact me offlist. Or any of the others who have stepped in to help. It won't cost you a cent out-of-pocket and you can get far more focused, direct advice that will help you actually purchase rather than multiple shots in the dark.

It's in Queen Creek. There are tons of REO's here!! Right now, it's not as desirable as say Desert Ridge area. (I don't know a whole lot about Verrado, as it's seems a whole world away) I was able to negotiate down 10% of the asking price down.

I've got one in escrow with Well's Fargo's Asset management company. I was able to negotiate down, but they are sooooo slow to close with.

Same goes for Wells Fargo, Countrywide, Citibank, Deutche Bank, Bank of New York. These companies won't give it away and they are trying not to tank the market.

The home is owned by Wells Fargo.

What do the comps say, JSA? That's one thing I haven't seen anyone ask ... there's no "right" answer to the question, it's more of a feel based on experience. But without knowing market value, there's nothing against which to try and filter what a workable price may be.

If that's the one it's Washington Mutual. They have a formula they follow tied to the listing realtor's BPO, independent appraisal and days on market among others. In general they'll reject anything that isn't a very clean offer and nets the bank 5-10% below asking price.

I'm not 100% sure, but I think they are talking about this one: MLS 2930803

I have 8 years of experience with REO/Bamk Owned properties and have sold over 200 of them. Which bank is this home owned by? (HomeSteps-Freddie Mac, Countrywide etc.) If I knew that I could point you in the right direction.

My question is, are you working with a buyers agent? An experienced one should be able to negotiated for you. Besides that, one thing to consider is how long has the property been listed with the bank? If not long, and you are the first offer and it's low ball, they may be waiting to see what else comes in. On the other hand, I have seen banks reject the low offer, only to wait, and wait, and wait, and probably wishing they took that offer because ultimately end up selling them for the low price (or close to). Good luck!

JSA, you've now asked several questions regarding this bank owned property purchase that you are attempting to make - questions your agent should be answering for you. Can you help the rest of the professionals here understand why it is you need this kind of advice? What was the advice your agent gave you? Don't you trust his/her advice? If 2 pros here contradict your agent, will that sway your opinion away from your agent? What if 1 person agrees, but 2 disagree, then what?

I guess my point is, if you are working with a trusted advisor, a professional agent, someone knowlegible in the marketplace, you should feel confident in the advice they are offering. If they need help, maybe you can suggest they ask questions of their colleagues (I do this often in my office, as do the other agents I work with...we can't all know everything).

But finally, If that isn't the case that you trust your agent's advice, or their means of obtaining guidance, then perhaps you should be looking for a new agent.

Jsa,

Remember each offer stands on it own, the bank is going to consider the whole offer as it stand.
It is up to you to determine an offer that you feel is legitamate, but the bank need not.
I have seen discounts vary from as low as 5% up to 30-40% off there asking price but is most case and the one that offered the highest discounts their were a few common factors, All Cash, Quick Closing, No Subject too's ( Seller pay closing cost or Seller consessions and so forth). As well most of those high discount were homes that had been on the market for quiet a while, the new the listing the less I have seen the bank discount as of recent. but make sure you did you comps and be real about a number and what you goals are, is this a investment?, is this a home to live in? and last but not least are you the only game in town bidding on the property? if there are others it could be harder to get a huge discount.