Great question, I am unaware of any banks posting their own listings on their websites. What website did you go to? Sometimes, information on the internet is inaccurate. I would check with the actual listing agent of the property to know the current price and any other terms. As for how low you should start, again, check with an agent to know what comparable properties are being listed for. I say listed and not sold because in my area we are in a declining market. When you are in a declining market you price property in line with listings not with solds. So I would see what the listings are going for and then calculate how much in repairs you will have to invest and that will you gave you a good starting range.
It may be a better idea to find a home in better condition that you can pay the same amount for. What area are you looking to buy? I service the High Desert area: Adelanto, Apple Valley, Hesperia, Victorville, Barstow, Ft. Irwin, Lucerne Valley, Phelan, Oak Hills.
Claudia D. Morales, ABR
Century 21 Fairway Realty - Victorville