What kind of an offer on REO

[N/A N/A]

I'm a complete newbie, and doing my research..I decided to look on the web at tax records for some of the house I found on Realtytrac. I actually found that an REO was purchased for $60k, but can't find that it's listed anywhere with a realtor.

I called to confirm that it was still available (got the name and address from the tax website, and googled it) and it was. They even gave me the code to the lockbox to take a look at my own free will.

Now, my question is...How much do I offer them? I have the money available in an open line of credit? Do I offer just a little over what they paid for it? Do I offer close to retail value? The home sold for $335k prior to being foreclosed. It's only 5 yrs old, 3 b, 2 1/2b home. Nice...

thanks for the help.