This property was foreclosed on by the lender on 11/27/2007 and was listed as a bank owned sale on 12/12/2007 so it has been sitting on the market for a long time. The original listing price was $399,900; lowered to $299,000 on 5/6/08; to $269,900 on 7/17/08; to $235,900 on 9/30/08; and now to $189,900 on 1/21/09. Whether it will be reduced further is anybody's guess. The fact that it has not sold for over a month and a half at the current price indicates room for negotiations. On the other hand you could have an adamant seller that may not be accepting offers below asking.
My advice is to put in an offer on what you want to pay. You would also need to know market comps to justify your offer.
United America Realty
There is no way of knowing that the house will be reduced without talking to the seller, but you are certainly welcome to put a lower offer in than the asking price if the property is still available. The worst the sellers can do is say no. If you would like my help, I would be more than happy to contact the agent & see what I can find out about the property and any leniency on the price. Please email me at firstname.lastname@example.org, or call me at 323-810-7976. FYI, I'm an agent with Coldwell Banker out of their Sherman Oaks office.
Thanks, have a great day!
Coldwell Banker Residential Brokerage