Ouch no one likes rejection. Without knowing the specifics on property, banks asking price, and the offer you made I cannot be specific. These foreclosures are so great for buyers and investors . Generally knowing the different banks, what the bank had in it, location,condition and real value your agent can help you make the right kind of offer. When the bank outright rejects your offer, it was either too low or they have decided to take the property to auction, which is another story in itself. Please let me know if you have further questions.