Not as flexible, it's their way or the highway. That includes making modifications to their contract.

Read a copy of their contract & you pretty much get the feel behind their stand. They've never been in it, don't care, we've got a set price based on market time.

banks are not in the business of holding real estate....they all want to clear their books for as much as possible, but they also know when it's time to get rid of the holdings.... cut their losses...

Depends on so much: the bank, the asset manager and the investors behind them who are the actual decision makers, and your area/market. In my area, it is routine for buyers to ask for CC contribution and stuff like termite treatment, etc . . .  and possibly a credit for an escrow holdback to repair a non-working item that would hose an appraisal . . . but banks don't tend to want to repair stuff and you have to be careful that the property is in decent enough shape to appraise. Also, with some REOs, you'll have to turn on utilities yourself for inspections/appraisal (HUDs for sure, and there's a process).

They are tough negotiators and often non-negotiable, but I negotiated with every one of them I went into escrow with. I assumed they'd negotiate, I never assumed they wouldn't. I'd rather try and be fought than roll over with any effort. Some of my best negotiations were in the distressed property era of the Great Depreciation.

You are correct, banks are not as flexible.

You never argue with the bank. It is already priced for a quick sale.

You do as told. Want to low ball? You are out of luck......

They are getting less flexible than in the past few years.  The market is definitly turning in my area to a sellers market in large part due to bank owner entities NOT negotiating.

Back in the day banks were very negotiable on their listings, not so much today.  

Depends on the bank

Not very likely to any repairs that aren't absolutely crucial.

I've known sellers who make banks look generous.  Banks are not going to negotiate on repairs at all.  May budge a little bit on price, but doutbfull.  They don't have to sell.  They don't care about property condition.  Especially in our rapidly appreciating market.

Very inflexible and for whatever reason, the public perception is they are a steal, so they tend to get multiple offers.  In those scenarios, you are competing against yourself because the banks don't counter.

Not flexible!!

Denise Amara Generally, banks are not flexible.

I have purchast many reo's, they make their own rules, often change them too.

Very inflexible, it they were not so cheap I would not work with them.

It all depends if there is PMI or MIP coverage on the property !

Usually less, but some banks are more flexible than others.

Denise Amara It's the old rule, 'He who has the gold makes the rules.

depneds on buyers reserves

We are not seeing too many REOs in Denver.

Banks have a set figure that they will not loose.

They are not emotional. A bank sets a price and they will wait for it.

They will negotiate price but not repairs.

Bank owned are not flexible.  They want their money.  But we all negotiate to get the best deal.  Sometimes it works, sometimes it doesn't.

In my experience less likely, unless it is at the end of the month and they are trying to get some of them off the books. Just depends on the lender.

Not less, MUCH less. The terms are often spelled out up front, they are sold as is, the bank will not re-negotiate after an inspection (if they even allow one) and prices are often not flexable, but lowered every month it does not sell until it does

You take advantage of the opportunities but have to live with the system.

During the recession I handled a lot of REOs. My experience is MUCH LESS LIKELY to negotiate with the buyers. These transactions are not like the usual buyer-seller negotiations. Banks follow a formula, not that they won't make any concessions but significant variations are not likely.

It depends on the market conditions.

It depends on the lender.

It depends on timing.

Most times in life and in real estate, it depends but dealing with banks you are likely to run into situations that don't make sense.   

It depends on the situation.

Denise Amara - there is always a possibility. You got to ask for it, it's up to them to accept it, reject it or counter it.

it depends on how long it's been on the market, has it been pending and fallen out? and condition

Depends - there can be SOME negotiation but don't count on much. We don't have many of these properties in our area right now and haven't for a while

A bank does not have an emotinal attachment to a house so often they are more willing to negotiate.  I closed a house on Friday and the buyers got a great deal!

I find it less likely

     The list price is considered the "starting price".  They don't (and usually won't) come down from that number.  Most* bank-owneds here in Tallahassee get multiple bids; no negotiating is needed.

    *I have seen a few REOs that were approaching tear-downs; the banks did come off their prices on those.

They want them sold and off their books so yes they will work with offers but they have their limits.

the bank has a math that starts and finishes with them. You jump in anytime

It depends on how they are priced.  In our area, the new ones coming out are the same price as regular homes on the market.  My husband just negotiated one for over $10,000 less than the asking price.  After inspections it seems as though the property should have been priced over a hundred thousand less.  They negotiate, but only if there is not a bidding war.

Interesting to see all these answers. My experience has been, the longer it's been on the market, the more negotiable they are. I have had good experience with banks, but, as with most things, it often depends on the individual you're working with.

Their goal is to sell like for any seller, if they have no other offer, they will counter. 

it depends if the asset manager is close to making their quota, REO 's don't deal much but if an asset manager needs a closing or is close to a bonus he will be more motivated.

As for HUD bidding we see that coinsistantly they accept 93% of list price.

Depends on the strategy to sell the bank and their broker agreed upon.

If it is a creeper, no negotiation.

If it is below value (quick sale), be ready to compete.

If it at market value, negotiate.

If the buyer and their agent lack the experience to know, it will be hard to win.