Is $215,000 a good offer?

Question

I recently found a banked owned property listed at $204,000. It has been on the market for two day.Everything in the neighborhood is going for $235000-$265,00. It was last purchased in 2005 for $350,000 I made an offer of $215,000 plus I pay all of closing. Should I offer more or less. The is in good condition and ios only 8 years old.

Answer 1

In my experience, when dealing with a bank owned home, offer what they are asking, no mor eand no less. I definately wouldn't offer more. The bank isn't trying to make a profit, only recoup what they are owed, so they will take the first offer that meets their price, or a lower offer if nothing else presents itself.

Answer 2

If its being offered at $204,000, why are you offering more? Offer what they want and if they reject that, then offer more. Start with the opening bid and then go from there. If it was privately owned then your offer would be a really great attraction for them,  but since it is a bank, they are just looking to cover their costs.