Offering on a foreclosure - offering low and resubmitting

[Jacob Chapman]

Hey BP!

I am thinking if doing my first Forclosure and wanted to learn from your experiences if possible. I know forclosures can take months and even up to a year or more to go through, so before I get too deep, I wanted to hear from you.

A house is listed for 80k, but has been on market for 3 months. Based on an amortization calc and when it was bought the bank likely has a note of 55k still due.

My thought is to offer 65k, and just resubmit the offer every other week or so it is on the market. What are your thoughts on this - is this unprofessional? Or a waste of time as forclosures often take months no matter what? I would love to hear your thoughts on this