You never know......you shouldn't consider any effort a wasted effort because if you keep you offer real, it could be accepted.
Here's a suggestion. Do some research on homes that have recently sold in the your target area. If you can identify several comps that justify your offer, it will help your cause. Be sure to include this information and a brief explanation with your offer.
As I have indicated before, let's not be so concerned with the listing price and offering 70 to 80 percent of the listing price. Let's look at what the other comparable sales are in the neighborhood and base your offer on that. For example, the bank may accept your offer of "70 cents on the dollar" but what if that offer price is still more than other properties similar to it ? You would think you received a great deal, but in reality you did not. If the other properties are selling for much much more, well this may be a steal and you will need to offer close to full price or sometimes more.
I would suggest go get a good buyers agent to consult with. Further, as a previous pro mentioned, know that the foreclosed homes (bank owned or real estate owned) are typically banged up, difficult to get financing on, and are sold in as-is condition. So it is important to know what you may be getting involved with.
For more helpful hints, visit our website below and good luck !
Get a local Reator to help you out.
My office is in Willow Grove and I would be happy to help.