REO Price
I am in the DFW market -currently, it's a sellers market. Good deals are going within 1 day and even regular homes that are upgraded decently are on the market for less than 2 weeks. We're currently looking for a deal for our permanent residence. We found a Foreclosure that we do like - however it is over our budget. We'd like to spend 120-125, and the house is currently sitting at 170k.
Normally, I wouldn't even bother with something that over our budget, however I noticed It was orginally listed for 199k, but has dropped 7-8% every month since. It has now been on the market for over 100 days. The last price drop was 15k on June 11th. Zillow 'estimates' the property was foreclosed for 155k.
Is it reasonable for us to go look at this property? It doesn't appear to need much work, if any and is move in ready. I don't forsee the bank selling for what they less than foreclosed on it, especially when the market is the way it is here in DFW. Even if the foreclosure amount is a little off from Zillow, it's still over what we'd like to pay.