and along with the Neiborhood Stabilzation act of 2010 REO or bank owned properites must be sold for market value.
If the condition of the home is less then par then it is priced according.
When we see homes for far less then market value, this indicates that that home needs quite a bit of work.
None the less most homes are of great value in todays market. The Challenge is these homes go fast.
Find a local Realtor that you trust.
In the Charlotte area, we have successfully negotiated contracts with banks that are below market value. As in all things economic, supply and demand dictate market forces. The bank will listen to the market when deciding what they can get out of a property. Often times, there are more important issues than price when buying a foreclosed property. For instance, last year a modification to the purchase contract allowed buyers to place an option on a property while they performed inspections. This is particulary useful when buying "as is" properties, because you can avoid under estimating the cost of repairs. Also, it is helpful to deal with a broker that is experienced with foreclosure properties as each bank handles their portfolio differently. I hope this helps. If you're considering purchasing a foreclosure property in NC please contact a real estate professional in your area before spending money.