Once the bank takes over a property due to foreclosure they want to sell the home quickly. They tend to go through regular price reductions until the home finally sells. Some banks are now offering the home for a low asking price but then say they will accept the best offer that comes in before a set date. I have been finding about a week the normal amount of time. I was involved in one recently where there were seven offers. My buyer offered the asking price of $229K all in cash with no contingencies and they lost out to someone who offered $20K more. The bargains are getting multiple offers.