So here is the question that every home buyer needs to ask themselves when making an offer: How did I come up with the price I am about to offer? While the market certainly has steadied a bit in the past 6 months (and in some cases actually showing an uptick in sell prices!) the list prices on homes can still be all over the place. Imagine making an offer of 30% off a list price that is on the higher side of what comparible properties are selling for instead of 30% off a list price that has already been reduced for attracting multiple offers. There is no way anyone can make a generalization about how much of a percentage can or should be taken off a list price as a basis for making an offer. Since a Realtor does not cost you anything if it is a bank-owned and MLS listed property, why wouldn't you ask a local Realtor who could represent your interests to do some work on your behalf and tell you what the potential worth of the property may be AND tell you a little bit more about the pros/cons of working in the REO (real estate owned=a.k.a. bank owned) property market. If you know what you want and are working with a knowledgeable Realtor, you may be able to secure a great deal. If not, you may get just a big headache. Since I am local, I would be happy to take the time to help you through the steps should you desire. By the way, 6-8 months in the marketplace is not necessarily a long-time on the market...it only means that it was not priced low enough to attract a buyers attention. Remember, all real estate is judged on Value...and everyone has a different opinion on what that means to them. Call me at 414-418-8395 should you have additional questions/needs.