I was able to get lucky a few years ago and buy a bank owned REO that was originally listed for $210K for $130K
It wasn't in auction I was dealing directly with the banks listing agent. I made a low-ball verbal offer of like $130K and the agent came back at me with a counter of like $160k at the same time giving me his whole spiel about how hes been doing this for many many years and hes never ever seen a bank drop that much off there listing price and telling me don't even think of trying to re countering
Anyways I'm no experienced realty investor infact this is my first foreclosure purchase so I don't know where it came from but after the agent got done telling me how there was no way the bank would budge off the $160k I pulled him aside and said I have a side deal for you and told him I'd give him 10% cash of any amount below the $160k next thing you know the price dropped to $130
My claim to fame house is worth like $300 now :)
