Making an offer to a bank is very similar to making an offer to an individual seller. As Sean mentioned previously today, making an offer directly to the bank won't work because the bank has already hired an agent to sell the home and won't work directly with consumers.
Expect the bank to only negotiate within a few percentage points of the asking price as the bank will rely more on a formula rather than emotions. It is definitely worth your while to get your own representation from a LOCAL Realtor who understands the process of buying a bank owned property and getting the best deal possible for the buyer.
Because this property is owned by Fannie Mae, expect a lengthy bank addendum to coincide with the purchase contract. Also expect several days for the bank to respond to your offer. If you are purchasing with cash or have your money ready to go, the length of time doesn't need to be very long since the bank usually wants to get the property off their books as soon as possible.
Regarding this specific property, do expect quite a bit of work. I was in the property last week and there are several items that will need attention as soon as possible. I always recommend a thorough inspection in addition to your own viewing of the property.
I would be more than happy to walk you through the process. You can give me a call at 970-215-0759 or stop by my office directly across from the Safeway in Estes Park. Also feel free to check out my web site at http://HomesInEstes.com/About
to learn more about me.
If this property doesn't work out, you may also want to sign up for my Distressed Property Service which will keep you up to date when other distressed properties come available. You can sign up at http://HomesInEstes.com/Distressed.
Looking forward to hearing from you!