While the other Realtors who answered are correct that a pre-approval or strong pre-qualification letter to accompany an offer will make a difference in whether it is entertained or ignored, you also have to be realistic.
Colonial Bank issued a $390k mortgage on the property 2 years ago and foreclosed it recently. Would the bank actually settle for over $100k less than they're owed? Maybe, but highly unlikely. The property would have to sit without offers for at least 180 days before they would take a hit like that.
As many foreclosures as we've handled, I can't rule it out, but regardless you would be in for a long wait while they decided to go with such an offer, probably 4-5 months. During that time they would be looking for better offers.
You might want to know what the house is probably valued at before making any offer. In 2007 the tax appraised value was $487k. This is not a sure indicator of current market price, but understand that Dallas has not had the meteoric rise nor the disastrous fall in housing prices that many places, including NJ have had. You could ask a Realtor what they think it's worth right now and the potential over the next couple of years.
For a 4,200 square foot house built 8 years ago on an acre lot, the current list price seems pretty generous without closer analysis. The price per square foot is tasty at $87 psf, especially with the huge lot. http://ntreislistings.marketlinx.com/SearchDetail/Scripts/Pr
The bank might take less, but aside from the wait, you would have to offer to lose them less money than by holding until another buyer showed up. Your Realtor can advise you of a reasonable offer to make.