Tammy is correct that you get a larger price drop on bank owned properties. I am not trying to be negative about this property or any other bank owned properties, however you need to be aware of what you might go through if you choose to go this route. If you are willing to put up with the hoops the banks put you through, you can find terrific homes for GREAT prices. On these types of properties I have had the following situations happen to my clients:
My client had to pay all the seller and buyer closing costs
My client had to pay for all inspections and repairs
My client even after submitting an offer continued to watching other showings and offers come in. We waited over 60 days before finding out ours would be approved.
Our offer was submitted in November and did not close until February.
The prices in this area have moderated to the point that you can find many good deals in this area that are not bank owned. If you would like to explore some of them, I would be happy to assist you.