My clients look at foreclosures as part of their buying strategy and I can tell you this. If in fact the bank has lowered the price over time then they may reach a certain point where their net sheet on the transaction may or may not allow them much room on the negotiation. If the property is in highest and best then you are in a bid situation with other buyers. I find that this happens about 40% of the time . The best thing to do is make the offer and wait for a counter. Regardless of your offer the bank will almost certainly counter so do not make your best offer up front. Believe me when I tell you that if there is competition they will let you know. The competition may also be an incredibly low offer so you may be the highest bidder and not know it. Stick to your guns on your original offer and then decide your offer strategy after the first counter.
Good luck to you.
If You were working with me, I would tell You to write the offer & depending on the price range & suply & demand, to write it even lower. Almost all banks are willing to pay 3% in closing help from my experience & they all know that an offer is going to come in a bit below what they are asking. Write the offer & hopefully CONGRATULATIONS!
I hope this information helps! Best Wishes!
Without all the details difficult to make any further comments about you Mansfield foreclosure.