That is very stange. First of all if you were going to apprias that today you would come in around the mid to low 600s on paper, don’t let the ridiculous price they paid full you. That still seems very strange for for a bank to discount that much today. I have seen on a few bank owned properties they list at a very discounted price and treat it as an auction. You call the listing agent and he tells you to put you best offer and on such and such a date they would let you know.

I am persuing short sales and bank owned properties at the moment and banks seem at best overly optimistic about there pricing and at worst completely unrealitic.