REO Property 140+ Days on Market

[Vangie Gal]

I have been monitoring a property which has been an REO listing for over 140+ days. The bank foreclosed on the property in November 2013. It has been listed by the bank and had a recent price reduction the beginning of April 2014. I'm considering putting an offer but wanted to get the BP Community forum opinions on this subject property.

It is a Fannie Mae asset but has not been approved for any Homepath Financing. The physical layout of the dwelling and the county records do not match.

1. What percentage off the listing price should I consider offering? 15%, 30%, 50%?

2. How motivated is the bank?

3. Since it is a bank owned property, are all liens cleared, what should I be concerned of?

4. Would anyone recommend a particular strategy when making an offer?

5. What types of terms should I include in my offer?

6. Should I contact the REO agent directly or utilize another agent to make contact?

7. Since the county records and the property do not match, how can I utilize this to my advantage?

8. Any other info, recommendations and tips would be greatly appreciated.

As a side note, I personally know the previous owner and have quite a bit of knowledge about the property.