Purchasing a Foreclosure - are the banks negotiable?

[Eldrick S.]

I have a property that's a Foreclosure and the bank is wanting $60k for it. I'm looking at buying and holding the property to put a renter in it. It needs about $20k worth of work if I was going to flip it but less since I'm putting a renter in it. There are no properties that sale fast in the area. Last sale was about 160 days ago for about $65k. Are the banks negotiable on their price? And if so what would be a good offer with the property needing some cosmetic work.

[Eldrick S.]

@Mark Holmes wow this is awesome!! I just put an offer in on mine. They were asking for $60k and I offered $30k. It needs about $20k of work. They asked for proof of funds, so we'll see! Let's get these cash cows!!