trying to buy my first REO..can anyone advise me on my offer??

[Brenda Sacchetto]

Hi! I was hoping someone could advise me on this. I'd like to put in the offer today..I'm excited (and nervous and nauseous : )

Specifically, the home I'm interested in is located in an upscale gated community in Orange county Ca. Original loan was 570,000.00 it foreclosed and I guess went back to the lender for 1,515,000.00 (what it says on the zillow report) the house is vacant now but there was an eviction that led to a major drug bust. The house is completely stripped of all appliances and lighting fixtures but has some nice detail work like flooring and stone fireplaces etc. The tricky thing for me is the comps in the area. The values are all in the mid 1 millions-3,million but the listings that are up currently are sitting there for sale almost a year or more. I would like to offer 450,000.00 ..as an expert do you think that is an unreasonable offer considering the value of the area?