Need advice on making an offer

[Nathan Hansen]

I need advice on a property that is up for sale that I am interested in. It is listed by a local reality. It is listed at 400k. At least from the listing info, I could not tell right away that this is bank-owned.

However, when I checked both the central appraisal records and the county clerk public records, it appears that this property is currently owned by Wells Fargo, and under the name of some trustee. It appears that the last owner signed the Deed over to WF Bank sometime in Feb 2007, and the property appears to be on market since then for the 400k figure.

The county records also state that the mortgage loan on the house by the last owner was 260k, and the Deed was transferred to WF bank for the 260k figure.

My question is - what are the chances that if I make an offer for 260k the bank will accept? The house appears to be in great condition, and is well worth 260k. Since the property values are dropping, I am having a hard time with Fair Market Value figure for houses around.

Any advise on what would be a good approach is truly appreciated.

- nah