Our house (3 bedroom townhouse, nice area of MD, 1930s construction, plumbing trashed) was originally listed at $170,000.
Then it dropped to $130,000.
Finally it dropped to $99,900. Then I bought it.
So right there, in an 8-month period after a year and a half on the market, is a @ $70,000 drop in price.
Our house was structurally sound and a good buy at $99k but at $170k, no way.
They'll keep dropping the price until it sells. It may take months to get them to accept your offer (in our case, @ 4 months from the offer of listed price) but in many cases they are losing their tail. I pulled the documents on our house and the bank lost @ $45,000 when they signed it over to me.
I told my dad, next time I rob a bank, I'll wear a mask.
