It is sometimes frustrating dealing with foreclosures. This home was most likely in the "Short Sale" status for several months. It has now moved to the "REO" real estate owned status. The reality is the bank will consider offers but they are very particular about how the offers are presented and what is required. This is why it is best to have a Real Estate Agent working for you. Remember, the seller pays the commision so there is no down side for you to have a professional helping you. It is best to be pre-approved with the Lender that owns the home. Sometimes the bank requires it. The bank is more likely to pay for some or all of your closing costs then making repairs. Many foreclosures are "AS IS".Â Also, if the home is in need of major repairs, it may not qualify for some loans...ie. FHA.The LendersÂ are more inclined (in my experience) to accept an offer 3-5% under asking and ask for a credit for closing costs. However, if the comparables (other homes in the same area, same sq. footage etc.) are priced below this, you may want to offer a lower price.Â AGAIN...a Real Estate Professional would be of great help and value to determine this.I feel it is very important to have patience. REO can be trying but are def. worth it for the right property.Please feel free to contact me for any questions regarding this it is not in my area, but I can recommend a great agentÂ that would love to guide you through the process.Thanks and good luck!