Price flexibility on bank-owned lot

[Jesse T.]

There are a couple lots near my Dad's house that were foreclosed on by a bank.  It seems like lots in the area typically spend months on the market.

I know for houses banks typically have a formula where they expect to get pretty close to asking price.  Is it similar for land if they have it on the market?  

I don't think the current property values in the area would support developing the land.  However it could have a pay-off in the long-run if the purchase price is right.