Real Property Value

[Kelly Heflin]

Just posting to get your views and opinions. I've been looking at a Bank Owned property for a couple months. It is listed @ approx 700k. The neigborhood supports the value and many properties are over 1 Mil. Talking waterfront here, so the appraisal I have seen is taken with a grain of salt. I realize it's hard to appraise waterfront property -
Zillow zestimate over 1 Mil. Bank appraisal (good appraisal company) came in at $920k.
House is listed below $700k now. I made 3 offers on the house, all fairly low and all were rejected with no counter. Last offer was $620k. That was 3 weeks ago. The bank lowers the list price every 3 weeks.
My real question - Do Bank Owned REO properties ultimately show their true value like any non REO. Where time shows the true value? Or do you feel the REO status keeps many serious buyers away.
Any thoughts?
Thanks