Eventually, my wife and I found the perfect vacation home. It was relatively new, in the right location, and priced right. Thus, we put in a full-price offer, despite it being a buyer's market.
The property was banked owned, and it didn't take long for the bank to accept our offer. Further, we were quickly able to finance at a AAA credit rate. However, there is not a happy ending with this first attempt: The bank's appraiser felt that the property was over priced. The bank appealed its own appraiser's opinion, which took a long time. Meanwhile the seller bank grew increasingly impatient. Eventually, our own bank let us know they would not be able to get the property to appraise; the property fell out of escrow. No problem, right? Wrong! The seller bank blamed us for the fact it wouldn't appraise. They informed us through our agent that they would not sell us the property at any price. Neither our agent nor we had ever heard of anything like this. The bank just seemed to believe that we were bad luck. In the end, we went back to looking for properties.