Bidding on REOs - Calculations (Suggestions) for Starting Offers

[Jerome Foster]

I would like to know some advice of proven strategies for bidding on REOs. As stated, this point in the process is when the BANK has purchased the property back, due to NO SALE at auction. Now, they have placed on MLS, for more attempts to sell. However, pricing is set to "get their money back".....

What calculations, analysis, etc.....(suggestions), should go into my starting offer....?  What are the minimal POINTS to consider......?   Of course, I will do my "due diligence to get info" with realtor agent, however, I know that they are looking for "ASKING PRICE". 

I don't want to waste my time, or realtor/banks time, but need to be FAIR - to get considered.

Once I do my analysis, I want to have a bidding range - HIGH/LOW (including at least ONE counter-offer), then start my efforts to secure funding - based on my parameters.....with BEST/WORST case for $$$$ amount.