I think it varies depending on where you are.

Rules vary state to state and brokerage to brokerage.

@Leslie Laboriel I would surly bid again at the price point that make sense as an investment...banks don't have feeling...wait a week or two and make the offer again...whatever you think is working for your situation.Where I am REO prices vary wildly...some sell for 40% of original debt others at asking...hard to figure without actually bidding. 

Procedures vary with each bank, so it's hard to determine whether the listing agent was responsible for contracting the de-winterization and winterization or whether the bank was supposed to handle that.

It makes you dependent on those assessed values being accurate and in my area they can vary widely for similar properties.Assumming the govt is efficient is dangerous.Over many properties, the averages might work out, but the problem is that you are going to try to cherry pick the "best" deals where the values diverge the most.

Your mileage may vary.

All the investors I know that have cash to take down these properties can talk numbers in their sleep.Foreclosure costs will vary by state as to judicial and non-judicial as well as pre and post redemption periods.In Georgia we have 30 days to foreclose and no post redemption so we are faster,cleaner,and cheaper than many states.Simply don't defend your value to the bank as you will come across desperate.

:cool: Which just goes to show that you need to have your contracts reviewed by a good real estate attorney familiar with YOUR state and local requirements, because they WILL vary from state to state.

There is nothing in that rule that you can take to the bank, and it's not a case where "your results may vary," it's a case where "your results WILL vary."

(1,700-500= $1,200...It varies).