Why is there a lower price on a bank-owned piece of land on the Bank of America site?

than what the listing agent is asking? We put in a bid 7000 below asking price plus closing. I then happened to find the property on the Bank of America site and the asking price was 10,000 lower. The piece of land has been out these for 180 plus days and the price has been lowered by this agent 5 or 6 times. Also how long does it take to receive and answer back from the bank?

The listing agent is attempting to maximize his or her commission. It is pretty common pratice. Before you attempt to buy directly from the bank you need to read your contract closely because if you are working with a realtor/agent you may have to pay their fees.regardless. The bank (in most states) must take the property from the listing agent before they can do a direct sale to you. The bank likely only wants to recoup its losses or just get rid of the land so their asking price is only to cover losses or stop the bleeding. Banks are not in the business of owning houses, land, etc.

The listing on the internet could be older than the listing you are looking at. Only one agent can list the property at a time. I doubt the property is "listed" by Bank America. Banks don't sell property directly. If you are working with an agent, ask her to double check on this. $10,000 is not enough money for an agent to worry about, or give incorrect info about.... it translates to $600.

You are lucky an agent wants to work with you on a short sale. They are a pain, and she could get cut out completely. Plus it takes MONTHS for the bank to get back to the buyer after the bid is submitted. and they may reject the offer and relist it at a higher price. Banks, if they are going to lose money on the deal, are not in a hurry to do so.