There is no right or wrong offer. I would offer what it is worth to you. The worst they can say is no. Have your realtor do a market analysis on the home and figure what the repairs are going to run you. Also keep in mind there may be things that are not obvious now. They probably would like to get it off the books by the end of the year so keep that in mind.

Hi Gloria,
I agree that you should start with an offer where you are comfortable and see what the bank counter with. I list REO's and most banks will negotiate and most properties REO s or not have room for neogtiation based upon current market conditions. if you have an agent representing you they should be able to to pull recent sales in the area and discuss with you possible adjustments based upon what the homw you are looking at may need.
Good Luck and it is worth a try to put an offer in, you may be pleasantly suprised at the bank's response.

Gloria,

Eventhough the home hasn't sold the market has moved on and that has to be the basis for your offer. This is because banks have knowledgable people keeping an eye on the market value of homes.

Our recommendation is to be in touch with a real estate professional that can provide you with some essential information. That being the comps of recently sold home in your target location. A review of this information should clarify the market value for this home and where your initial offer should be.

Good luck,
The "Eckler Team"

In my experience, a good rule of thumb is to offer somewhere arounf 10% of what the bank is asking. Think about it... What is the worse that can happen? They may say no and if that is the case submit a little higher of an offer or they may counter you and you can then except or even counter them back. I hope this helps... Best, Julie