Lowballin' a bank on an REO (comparable sales, sales, costs)

[trying2moveup]

Alright, I need advice from the pros and masters out there. . .

There is a bank REO that hubby and I are considering making an offer on. The list price is ridiculous but realize that banks want to make as much money as possible even when a place is questionable for habitability. We have no problem low balling the bank based on legit costs that we would carry as well as risks.

Wanted to know if anyone out there has had success in getting a major % of the list price and what tips you can share to assist in that effort? I know the property has been on list for at least one month

Thanks!

[TeamBenya]

Write an offer and justify it with comparable sales in the region, but don't be surprised if they're lukewarm. continue resubmitting each month and wait for them to warm up to the idea, and see what they say. There is no guaranteed way to get a bank to take a low ball offer, but submit as much data about depreciating market concerns, recent sales (or lack therof), and write a personal letter detailing all of this. I find that honest, direct communication like this can help warm up a bank a bit to a cold offer. Good Luck!