Tip to get best price on a foreclosed home. (banks, property, offers)

[SCtreeman]

Banks will generally lower a price every 30 days, not always but many tiimes. Find out from the MLS or sites like Zillow when property was put in or the last price chnage. If ready to offer and its close to 30 days wait it out until 30 day mark and see if new price is offered.

[NinaN]

...or see if the property is gone.

Some banks price high to start and reduce as they go (Fannie Mae, BoA). Others price to sell and get multiiple offers at or above asking. It all depends on how it's priced and how much you want the house.

If you are an investor and don't really care if you get THAT house, the 30 day at a time rule is a good one. And after 90 days, they really just want to get rid of it.

[DMenscha]

Every bank has a different schedule for price reductions.

[Brandon Hoffman]

Or just make an offer. If it's near their time frame for a price adjustment they'll take that into account anyway.