Did your realtor do comps for other properties that have sold in the immediate area? If all other homes on the street are selling for say $100,000 and the bank is selling it for 66,000 because of the work it needs then your offer would be too low. If all properties are selling for close to the 66,000 then your offer may be close. The problem is that as Jim said, the bank will only lower the price when the property does not sell. Good luck in your venture.