65K for this home in Buckeye!      For the most part, most of the homes on the market for sale today are either Bank owned that have just gone through foreclosure, or they are short sales where the seller owes more than the home is worth and is asking the lender to accept a lower amount to pay off the existing mortgage and transfer the home to a new buyer.  These are two very different markets for homebuyers, and both have their rewards and  frustrations.
     Short Sales is an ever increasing percentage of the homes on the market.  They can take from a month  to almost two years just to get an answer from a lender, let alone close!  Buyers that put in offers on short sales many time end up walking away in frustration.  I have had an offer in on one of my listings that is a short sale since the beginning of Feb 2009 and still do not have an answer from the lender!  That is seven months and counting!  The buyer walked away 45 days ago not thinking that the process could ever that that long!   In our area, only 30-40 percent of the short sale contracts end up closing (although it has been slowly improving) - that means over half of the short sale contracts end in an unpleasant experience for the buyers.  The ones that do close, are not closed setting any speed records either.  The time it takes to close a transaction has been increasing.   It is not all bad however, I had a short sale with two lenders, and got agreements from both and closed in less than 100 day.  The buyer and seller were both happy on that one!  One note, if the sellers lender is Countrywide, be prepared for a long process just to get an answer, they in my experience are the worst lender to deal with on short sales...in other words find out who the sellers lender is before making any offers!  If you check with that lender either over the phone or in person they will tell you that you will be able to get word from them in 30 days or less.  Do not believe them, most take longer (but you might be lucky and get one that actually does it in less than 30 days).
     Bank Owned properties have gone down in price to a point that bidding wars have occured on a large percentage of bank owned homes.  Mostly investors with cash have come into the market looking for great deals, which are making it more difficult for buyers with a mortgage since "cash" offers usually win out (banks love cash over a mortgage anytime!).   The newly listed homes (if they are priced correctly) usually have 3 to 18 offers in the first five days on the market - but if you are a buyer looking on the internet for a home -  these homes will still show as available even after all of those offers are sent to the bank, and while the bank is deciding which one (if any) to accept.  My buyers get frustrated thinking certain homes are available, when really they are not (and have trouble understanding why their computer shows it available when it has offers on it sitting at the bank!).  However the deals are there!  I just had a buyer in town from Chicago looking for a week in Buckeye at homes (we saw about 30 homes),  put in two offers on homes and then heard nothing for 30 days, then one got rejected.  It took two additional weeks to find out about the other home, which we found out they accepted my clients offer only after the winning bidder was unable to perform.  The good news is that they were able to buy a 1,500 square foot home less than 3 years old in a master planned community for $65,000, a home that sold for $225,000 in 2006!  The buyers had cash, and it still took them 30-45 days to hear on their offers!  I have had many buyers that have put in four to ten offers on bank owned homes only to get beat out and walk away in frustration (they all had pre-approved mortgages), but have also had buyers with mortgages that actually have been able to get some great deals on homes .. but they learned to be patient!  What was that saying that my mother used to say..."good things come to those that wait".