National Stablization Program. These are usually funds for buyers purchasing in low income areas. Some banks require that REO homes consider NSP offers first and foremost along with other potential types of buyers such as non profits.

I have seen REOs with offer guidelines like this so it is not out of the ordinary.

I would agree that offering significantly under the list price will get you nowhere. If the home had been on the market awhile then yes.

Lepetit you have to understand that with the poor inventory out there, if you are going to lowball you need to pick and choose. Lowballing something that has been on the market 2 days is not going to work. Now if it has been on the market a few months, then that is a different story.