Looking at First REO, Need Help on No Contingencies Offer

[Michael Bass]

I've been reading this forum a lot lately and have found some great information. Thanks to everyone for your insight, honest brutality, and gift of helping others.

That said, I'm finally looking at my first REO.
ARV around $280
Asking $230
Foreclosed on $215
Opening offer $170
Hoping for $195

This bank only does no contingencies, so I need to know what to look out for up front. I haven't read too much about that. Also, is this bid too high or low? House next door sold in August for $291. Important to know this will be our personal residence as we're doing our current home as a lease option.

Thanks