Cash offer on listed home

[Renee K.]

Good morning! I'm writing from Lancaster, PA

I have recently been introduced to bigger pockets and have listened to several podcasts. I recently heard one which suggested to write a letter to a home owner offering to buy their home that is currently on the market. With all the content on this site, I have been unable to find it again. Would anyone be able to point me in the right direction to find information on this topic? I cannot remember the official term used to describe this method which makes it even more difficult!

I have an opportunity near me to offer on a home that has been on the market for several months. I think it is overpriced and I know it needs work. I would love to reach out to the owner directly via a letter and offer but i wanted to be sure that I do it carefully and armed with all the correct advice to do it properly!

Do you offer a price right away or leave that open ended? What research should I be doing to ensure that I offer fairly the first time? 

Thank you in advance for any advice you can offer!

Renee