Scott - hopefully you will receive a response from a Realtor in your area - my experience with banks is that they will not accept an offer that is 50% off of list price - what they may end up doing is reducing the price over a long period of time to the level that the home is probably worth - my suspicion is that you will not even get a counterproposal with such a low (relative to list price) offer. I am not suggesting the home is worth more than $20,000 - what I am suggesting is that the bank may take a long time to get to the realization that the home should have been listed at a much lower price. If you think it is only worth $20,000, then I would wait until it is listed at $25,000 or $30,000 to make an offer of $20,000 - then you might have some success of obtaining the home. In the meantime, keep an eye on it and continue to look for another acceptable home. The bank is going to try and get as much as they can out of it and they will hold onto it longer than they should. If it is truly worth $20,000, then no one else will buy it for the price it is listed at - I would not pay more for a home than you think it is worth so contiune the search but in my humble opinion, it is a waste of time to submit an offer that is 67% of list price. Good luck.