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Need some opinions on making an offer on bank owned property?

Here is my situation. We are first time home buyers, been approved for 275k. There is a bank owned house that we love, but is listed at 305k. Has been on the market for almost a year. Is offering 275 unreasonable? We are so new to all of this, and yes, we are working with a realtor, but just looking for some opinions before asking our realtor. Thank you!!!!

Public Comments

1. Yes, it is unreasonable. The bank has to get real. They cannot sell that property, and they know it. Offer $180,000.
2. make SURE your realtor has experience as a BUYER"S agent and never ever allow him/her to be a dual agent--cause a dual agent cannot by law negotiate for a buyer! OFFER 150k. LET the agent negotiate; if all she-he does is write an offer and give it to the seller's agent, that is not what you want. YOU want a NEGOTIATOR!!!
3. Ask your Realtor to pull up solds for the last three months on homes that are of the same square footage and close to the same year built as the one you are looking at.Now look at the average median sold price.If it is close to what you want to offer go for it. In kern County,Bakersfield,Ca.The amenities vary greatly and so do the prices,especially bigger homes.Newer homes bring more than older homes. If the bank has had no offers they may take your offer of $275,000. Try it,all you loose is time.
4. Nope. Not unreasonable at all. I work with REO's and I help buyers a lot, and I always tell them to start low and work your way up. You may even want to offer $260,000 and work your way up to $275,000. The bank will counter-offer you back somewhere around $295000 to $300k I am guessing......then you offer $265000 or $268000........the bank counters back around $290000 and you offer $270000........ You will probably meet somewhere in the middle. But don't be afraid to offer low, especially if it needs some repairs or cosmetic updating etc. Good Luck!
5. No one here can answer the question of what the bank will accept because no one here knows the actual value of the property. Banks are very systematic about accepting offers. They will order an appraisal or broker price opinion so they know the true value of the home and will generally accept an offer a certain percentage below the value. List price has NOTHING to do with what a property is worth. If it is listed at 305k but the appraisal comes back at 280k then yes, I think you'd have a very good chance of getting the house for 275k. Ask your agent to give you a list of what comparable properties have sold for in the last 3-6 months. That will be the same information that the bank will use when making the decision about whether or not to accept your offer.
6. This is a fairly good offer. These people claiming the banks are just aching to sell as wrong, it is no skin off their nose to wait until the market recovers. But, if 275 is close to the appraisal you have a good chance. The 305 is likely from a BPO, not an actual appraisal.