Newbie Question On REO's
I am very new to all of this. I was wondering if anybody has any opinions on this house I want. On May 11th a house went back to the bank for $82000 at a sheriff sale. My realitor thought the people owed like $95000 on it. The owners tried to sell it before the sale and no one wanted it. I have contacted the person at the bank who will be in charge of it. It is not listed yet. I don't think she will even have it until the end of the month. I want to make an offer on the house before she lists it. Will they do that? We want the house to live in. It was built in 1966 and has not been updated since. It could use some cosmetic work and major repairs eventually. I guess my question is, what do you think I should offer. I thought about offering $60000. OH- by the way, at the sheriff sale it was appraised for $65000. It is in a tiny town with nothing but a post office. Real estate is not high out there. Please post any suggestions on how banks might handle this. It is not a local bank either. Thanks for any help or ideas on what I should submit as or with my offer. Like, pictures, estimates of repairs needed....
Miranda 
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