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Thank you for your response Royal T. The reason they are getting a low offer is because they are trying to get the same sale price for a property that a year ago was fully renovated. It seems the owner who got foreclosed on took everything out of the property including the kitchen sink, plumbing, even took the heat ac and believe it or not they took all the wires out the walls and cut one wall in half. They are asking the same price it sold for when everything was in tact and brand new... do you think they could be overlooking something... not to mention the decline in market value alone?? Should I at least bring it to thier attention?

Hello fellow investors! This will be my first REO offer and I'm completely new to this concept. I have reviewed the discussion boards and I am impressed with this forum's community like atmosphere and very informative insight. A realtor does not represent me, is this recommended? Is there a formal contract format or will any general real estate contract legal in the area suffice? My biggest question is should price justification be mentioned or details about why my offer is at it's price? If so, how should this information be presented, cover letter or part of the contract? Thanks in advance to any and all comments and advice!!