takilma, it sounds like you’ve got it about right at $220K. Sure, you could offer more if you thought nothing better was likely to come up. But if you believe the fall in prices is going to be big, and prolonged (and most posters here do) then the bank will be the loser if they don’t accept your offer. It doesn’t sound like they have any other bidders. There’ll be lots more like it soon enough.
If you’re a little desperate, as many are after years of waiting for reasonable prices, then go for it. (I turned down a decent $299k condo, 40% off 2006 prices, here in OC just a few weeks ago. I didn’t worry because I am confident that I’ll have lots more like it soon.)
