In these examples I've limited the results to sold prices of about $50,000 and higher. Below that, the average sold price varies considerably in relation to asking price. The higher the price, the sold prices are more consistently closer to the asking price. Average days on the market overall is about 114, but the higher price range bank-owned properties are selling a little faster than that.

Crawford County Repo Sold Data

36 sold properties between $46,800 and $168,000

Average selling price = 96.88% of listed price.

Median selling price = 97.45%

Lowest selling price = 85.14% (only 3 listings of the 36 sold below 95% of the list price. One listed at $59,900 sold for $51,000. One listed at $56,000 sold for $50,000. And one listed for $84,500 sold for $75,000 after 228 days on the market).

Average days on the market = 102

Bellville/Butler Area Repo Sold Data

20 sold properties between $52,000 and $219,000

Average selling price = 96.88% of listed price.

Median selling price = 97.83%

Lowest selling price = 86.78%

Average days on the market = 67

Outside Richland/Ashland/Crawford Counties

10 sold properties between $53,000 and $175,100

Average selling price = 96.49% of listed price.

Median selling price = 97.05%

Lowest selling price = 89.98%

Average days on market = 119

Mansfield Area

20 sold properties between $90,000 and $120,000 (higher range to keep to a reasonable number of solds)

Average selling price = 96.01% of listed price.

Median selling price = 95.57%

Lowest selling price = 87.09%

Average days on the market = 78

Conclusion

If you're going to make an offer the bank might be able to accept outright or will certainly counter, it should be at least 90% of the listed price for homes listed above $50,000. Of course you can offer lower if you're willing to walk away from the deal and keep looking, but if that's your consistent strategy, you will spend more time trying to buy houses than you will fixing them up. That's the way I see it.

Alan