As a potential buyer I can tell you that I have bid on no less than 10 -15 homes in the six weeks, all bank-owned and I started out bidding less, thinking as you have been thinking, bank-owned= a great deal, then I moved up to the asking price, and most currently have bid as much as 30-50k MORE than asking price, and have yet to get a home. It seems that the banks throw out some ridiculously cheap asking price, but the houses will sell for as much as the comparable houses in the neighborhood, even though they may need new carpet and complete overhauls! I am about ready to give up the search. Good luck to you in yours! - Sat Aug 9 2008, 12:51
MVPs or 'Most Valuable Players' are key Trulia Voices members who have been contributing high-quality content throughout 2008 and providing valuable advice to consumers and real estate professionals.