I want to make an offer on a REO single family home. How low should I go?

asked by ninebadthings - 2 Answers

Reading two year old advice, everyone is saying to bid more and slug it out with 20 other buyers. But this house has been on the market over a year, things have changed. It is actually priced reasonably, but so is everything and nothing is selling in my area and tons of REOs and short sales here. Janet, the bank is paying property tax, upkeep, and I would guess insurance or they are self insured which costs too. As housing prices continue to fall they are actually losing alot by not selling. This house has had the price lowered several times since it was first on the market.