First of all, it's impossible for anyone here to know what a "good" offer is. You need to be working with a REALTOR as a Buyer's Agent. He/she can pull the most recent sold comps for that area, that are similar to the property in question. Just because it's bank owned, and in disrepair doesn't mean you can get it for 50% less than list price. For all we know, it's priced to sell based on its condition. Banks will only sell homes for "Fair Market Value" = what other similar properties are selling for. Also, you can't ask the bank to "hold the mortgage". You need to get pre-approved with a lender first before they will even consider your offer. A good Realtor can explain the entire process to you and help guide you in coming up with a "competitive" offer. One that will get accepted NOT rejected!