Who controls price in a foreclosure?

[Kyle Forbes]

I'm looking at a foreclosure on the mls, and it could be a good deal if I could get $10,000 or more extra taken off. So is a foreclosure like a short sale, in which the bank controls the price and they make everything take forever?

[Joe Splitrock]

Bank will decide if they want to take your offer. They consider more than just price, such as preference often towards owner occupied. In my recent experience banks are not negotiating much since it is a sellers market. Submit your offer. If it is rejected wait and submit it again every couple weeks.