Need help with an REO offer

[David D]

Hi

I need help with an REO offer. I am first time buying, so I have no experience on this at all.

The house is a Hi-Ranch with 3 bedrooms and 2 bathrooms with no basement. It needs a new roof and the pool in the backyard needs a complete redo. With all other thing needs to fix I figure it might cost around 35k-40k to fix. The bank is asking 333k. It was sold for 353K at June of 2008 (not sure what kind of sale is that). The house next to it sold for 364K at October of 2008, and a house across sold for 505K at around the same time (but this house is has a full basement better of everything almost).

I am looking to buy and live here for now. I can put 150K down, and finance the rest (I have excellent credit score, so I think I should have no problem getting the loan).

My questions are:

a) I am thinking to offer 250K. Any suggestions?
b) I needs proof of funds in the offer, but large part of they money is currently under my sister’s account for various reasons, but she can withdraw them for me at anytime if needed. How do I proof those money are mine in the offer? (I don’t want to withdraw them now only for the offer if possible)

Thanks!