I agree. Problem is no bank is going to accept that big a cut off the perceived “market value”. Making an offer now is a waste of time. So many people are having a hard time telling the difference between what someone paid a few years ago and what the few buyers left today are willing to pay. I am a different kind of buyer than was out there the last several years. I didn’t even consider myself a buyer then. I do now.

The current “pent up” demand is probably going to be a little more cautious on the downside. I know what I can afford and am willing to wait for it. I didn’t buy during the last 4 years and am in no hurry to buy now that things are finally headed in the direction of affordability.

I offered 120K on a 181K REO listing. Looks like I’ll have to wait a few years for that kind of reality to sink into the market.