What should we offer GMAC?

[Jesse Schenk]

So here's the facts...

The house failed to sale at the trustee's auction on November 20th of last year. At that time the amount to "payoff the obligation secured by the deed of trust" was $317,446.97 and the principal sum was $298,404.44.

Here is the current asking prices as of January 2010...

01/20/2010 Listed for sale * $309,500
03/26/2010 Price change * $294,900
05/02/2010 Listed for sale * $284,900
08/02/2010 Price change * $264,900

What would be a good offer price? I should also note that the house is not a typical style for the area. Thanks in advance for the help. We're buying our first house and trying to figure out he world of REO's at the same time :-)