Posted by SCook85 on November 17, 1998 at 21:29:09:
Lending institutions see foreclosures as a profit center, though this is not always the case. When a lender forecloses on a property and tries to resell it they are obviously going to try to get as much out of it as possible. Many foreclosures get listed at FMV but rarely do they ever get that much for them unless the property is in very good condition. Banks will sell properties at a loss. There main concern is getting it off of there books. As long as they own the property it is considered a liability. The length of time on the market for a foreclosure means a lot. A bank in most circumstances will not accept a low ball offer in the first 30 days, but 4 or 5 months later they may accept offers that were less then what they received in the beginning. There is no rhyme to there reasoning. Just offer what works for you and do it every month if you have to.