Hubzu
So I found a property on Hubzu. It's not an auction, just an REO for sale. I made an all cash offer (low ball, but not insulting) since I walked through the property with my agent and contractor and it needs a lot of work (furnace x2, tons of outside work, water in basement, windows, flooring, copper plumbing, etc.) I assume the site uses an algorithm to negotiate, is this correct? The site would budge $200-$400 per counter. I have walked away for now, and letting my offer expire.
Does anyone have any experience with this? If so, please enlighten me. All I wanted was for my agent to call the bank's agent and say, "What's it going to take to make this happen?"