I agree with Sharon Roark, it depends on the list price of the house. Work with your agent to see what other homes similar to this one have sold for.

It depends on the price of the home: if the home is $150,000, offering $50,000 less is quite a stretch. If the home is $250,000, it might be fine.

It's important that you or your agent has researched the home's true value so you know what fair market price is. In Lexington (KY), most foreclosures sell for close to the list price, but then again, we haven't been hit as hard here as some other places have been.

So, in short, the answer depends on how expensive of a home you're looking at, but if properties are selliing for that much less in your area, I say go for it!

Yes, it is ok. Go for it!