minimum amount in auctions set by bank?

   There is a house we have some interest in which failed to get offers
during the regular sale period - 2 months.  It sold for $80k a few years
ago, and they were asking $66K.  It is bank owned, and the bank wants to get
rid of it. (located in Ohio)

  The place is in move in condition, for the most part, though it would take
probably $5k in work to fix some small issues.

  My wife and I really have no idea how much to bid.  The real estate agent
says there was not a single offer made on the property in the 2 months it
was up for sale - not even a lowball offer.  He says there is a minimum
amount set up by the bank.

  Anyone have any idea what is a typical % of the original asking price that
a bank would set for a minumum in a case like this?  Thanks!

 
Do you have your own realtor? Ours was really great at offering suggestions
and explaining things like this.
Marie

 

What realtor are you talking to?  I hope it's not the listing
agent.  He won't tell you anything.  His vested intrest is to
get the highest price for his client, the seller.
In a situation like this you need to have your own buyer's agent.
Many realtors will work with you as a buyer.  You would be supprised
at what information they can dig up for you.

 

I wouldn't worry about what the bank wants. Offer what you feel the
place is worth. Houses are only worth as much as people are willing to
pay for them.

But then again the bank could be waiting for an Obama bailout. So no
matter what you offer it could be rejected.

Again - offer what you think it's worth.

-N
http://iguessineedajob.wordpress.com/