There is nothing to be lost by bringing a "low ball" offer to the bank. In the case of a occupant Seller, they once in a while take a "insulted" position and refuse to deal with you, only hurting themselves. But to the bank this is just business.

If you are considering an FHA loan, the home will have to meet some minimum habitable requirements and if they are lacking a low ball offer won't be conducive to the foreclosing bank's making repairs and many time the bank outright refuses no matter the circumstances.

Would you like to make an offer?

We are not looking to resell the property. Just to renovate over time for ourselves but due to putting money down and keeping some aside for items required (fridge, stove, etc.) we wouldn't be able to make all repairs instantly.
I understand the property is "supposed" to be priced as is at a fair market price but I can't see paying full price with the repairs needed. Is there a certain percentage one should bid under or do the banks stick to the set price on an REO property?

If you are thinking of fixing and reselling then the answer is simply economics with your profit margin guiding you as well as your best projection of the immediate future market.

The bank has in all likelihood gotten an estimate in some form of the market price of the house. If that was an accurate one is anyone's guess. It's possible that the bank is just wanting the place off the books and will take any reasonable offer. You really need to get an agent to give you their best guess at the value based on as many comparable SOLD homes in Waynesboro that have changed hands in the last six months or so. There are a lot of other factors that will come into play. I would be happy to help in anyway I can.

It's possible that the bank is just wanting the place off the books and will take any reasonable offer.