Hi Michael. While I completely understand a buyer's desire to "get the best deal possible", my experience in submitting Low Offers on Bank Owned properties has shown that the Bank, (or it's intermediary) is also focused on getting the most possible for their assets. They DO WANT TO SELL, but they are not dropping drastically off their current list prices. When some of my clients have offered Low Balls, the good news is, that the Sellers Representatives usually respond... but they always respond in small increments. AND SOMETIMES WILL COUNTER AT FULL PRICE if they feel the original offer is not reasonable.
As some of the other Agents have said, Banks are constantly monitoring the market. I have Listings that are Bank owned and I have to submit new data on the current market every 3-4 weeks. That data includes, number of showings on the property; why the buyers didnt buy; other properties that have come on the market, as well as, any properties that have sold.
So they are VERY in tuned to the market.
I have not seen ANY of my clients get an acceptance to a Low Ball offer, and in a couple of instances, they have lost the property, because while they were Low Balling, other offers came in that were closer to asking...so they had to start all over again on another search.
I noticed that you are in Bagdad AZ. I just wanted to let you know that I live in Wickenburg, and lived in the Phoenix area for 17 years prior to moving here 9 years ago. So if you'd like assistance in the Wickenburg area or the valley, please feel free to contact me.