Bank Listing Price Negotiable? Or Not?

[Dan NA]

Hi all, I am currently looking a property that is REO. The property needs rehab and no tenants currently live there. I know prices vary all over the board, but I was wondering how much flex do bank REO's have price wise typically?

The property I am looking at in NJ was being listed for 85k and just recently I noticed that the bank dropped the listing price to 80k. I took a look at the property this week and it definitely needs work. I am going to see this week if I can head into town and talk to someone at maybe to construction department to find out exactly why its uninhabitable aside from the kitchen and bathrooms needing work. I am assuming that the city should have this information considering the bank says the house isn't green.