How Much of A Loss Will a Bank Take on an REO?

[Elizabeth Newcombe]

Hi,

I am feeling too lazy to research all the sales of auctioned REOs in my area to determine how much of a loss the banks are willing to take on these. I am wondering what my chances are of getting an auction property for $100k+ under the foreclosure amount. In your experience, how much below the foreclosure amount did you purchase a distressed REO for? The home in question has an ARV of $380k, and needs significant work to get it there, and the bid is at $240k, but the foreclosure amount is about $360k. Obviously they are not going to get $360k, which is what many lovely, move-in ready homes are going for in this area. (Attleboro) Just wondering what your experiences have been with regards to this? Thanks!