What people are seeing list to offer price in Snohomish county

[James Haffner]

I'm kinda curious on what people are seeing as far as list to sale price on REO, foreclosed, or short sale homes in Snohomish county? I just made my fist real offer on a house today that was foreclosed and sitting for a while.

The home started at 259k and slowly crept to 200k. It needs about 20-25k in rehab. 

I offered 140k looking for an out of 150k at the most. It's the bank so to me it's some large un emotional entity so I have no shame low balling them. But I'm curious if I'm wasting my time, and my agents?