Honestly What Is With Ocwen?
I am looking at a house and I just pulled the Property Record Card for it. The tax value of the property is 41k, tax value in Onslow Cty is 90% FMV which would put the house at about 46k. That is consistent with all property in adjoining area. The house is in bad shape and I am preparing to offer 20k for it. Ocwen currently has the house listed at 51k. How in the world did the come up with that when it was last sold for 38k. Are they crooks are what?!! I know I have brought up the question before but it seems like they would have been put out of business by now. Not to mention the fact that they now hold the VA foreclosure contract. 
What's crooked about a high asking price? Someone might pay it!
Make an offer. If they don't take it, move on.
Sooner or later, someone wises up ... Ocwen or the people who are trusting them with their REO assets!
ocwen is trying to make money like everyone else. nothing is wrong with them asking the high price, but they'll work with you on your offer, considering how long they've had it. also, they number properties serially, like, if they property numbers for current listings are like 95xxxx and the home you're looking for is 38xxxx, then it's been on their listings for a while and you'd stand a better chance of getting the deal from them.
offer them what you want and let them choose if they want it or not and don't sway from that - stick to your guns and pass if they don't like your offer.
Good post gents I guess I haven't been in the game long enough to fully know the ropes. Hopefully they except because they will have that property for some time longer if they don't. Rough neighborhood probably only going to suit as a rental not a good selling place.
Dear Killenjw
Congratulations you are now qualified.
First rule of modern real estate investing. Look at everything. Read everything. But when it comes to the point when you are face to face with a property. Use Your Own Judgement.
I agree with your remarks. Yes they Highlist, but they are trying to look good and in many instances they are responsive to some Brokers Opinion of Value. The Broker hired by the VA or the FHA etc. I know I have on occasion picked up very small checks from these agencies for a driveby opinion of value. I always gave them good value for their money, I rolled down the window.
There is another factor present and that is the designated sales Agency wants to list close to what they are foreclosing on. Otherwise they look like Donkeys in Reverse. Burocrats hate that.
To buy the properties you just keep on making offers in each offering period and maybe you get lucky.
Another item you must also remember as you proceed along the path of Real Estate Investment. You must always give yourself a little space between what you pay and true value. Now I do not mean the price that properties are selling for. You must be in that little NoMans Land. You need about a 2% fudge which gives you room to maneuver in if Present Day Sales Price should start to drop. If you see that vacancy factors are increasing you need room to cover yourself as you motivate your tenants to become owners. You start to convert your rentals into long term mortgages. This is called "papering" and it is a practice that dates back to the bubble that burst after the Civil War, the Weimar Republic fiasco in Germany after 1919, of course also the goody that began in 1929. So you must consider that in your accumulation of properties. Stop! Too Wordy. You do not have to study all that ancient history, I did it. All you have to know is that it is cyclic. Go Do It.
Enough of this love talk. Down with your Deposit.
Cheers Lucius
Thank you for your wisdom gentlemen, as always, Lucious it is a pleasure reading your responses. You are a very wise man. I am still learning to play the game and you all keep me on my toes and always thinking. It is truely a pleasure.
Another possibility to consider is that you can make offers on multiple properties a bank has in its inventory, which could show you are serious about alleviating them from their problem.
Ask them if they more in your area. There are many banks. Become the REO person if there is enough biz there. Partner with private money folks so the cash is plentiful and available.
Yes, REO brokers are real estate agents and high list cuz they want their commission, which is understandable. But the list and what a bank will get are two totally different sets of reality.
Best of luck