Will bank accept an offer slightly below the foreclosure price?

[Haiyang A.]

I'm looking at a bank REO that was foreclosed for $122K, and has been listed at $135K for about two months. I wonder:

(1) if a bank would accept an offer that's at or slightly below it's foreclosed amount (e.g., something like 115K, considering the minor repairs it needs?)

(2) how many offers can one make to the same property in a short time frame (can I try $115K, $120K, $125K, $130K, until it get accepted)?

Any comments would be appreciated!! 

[Chris Mason]

Can't hurt to try. It takes them a zillion years to respond to ANY offer, even one they like, so don't do your upping the ante offers a week apart or the bank's just going to go "ok let's just sit here and let him keep doing this!"

REO listing agents are also a bit shady sometimes in my experience. You've actually got no reasonable guarantee that your offer will even be presented to the seller/bank. I've got one that just closed where I know for a FACT that my client's offer was not the highest (by $50k!), but it was the only one presented to the bank by the listing agent (who was working their own angle, and no one feels bad about fking a bank over).