i really like this house, it is a foreclosed property. 2000 sqft. 4bed 2bath. they are asking 187,000.00 it has been listed since 10/2006. i want to make an offer of 163,000 to start knowing that i can pay 170,000. Would that be a fair offer? I know it is 10% below asking, but it is worth a shot? Thanks

I would start there the only thing that can happen is them turning it down. Unless someone else is looking at the house also and they make a better offer. But if you offer to much to start and they say yes you will never know what you could have got the house for.

In the present crappy real estate market, any offer is worth a shot. Just be sure you are not offering too much. Listing price is meaningless. Check to see how much similar homes in the neighborhood have sold for before making an offer. It's possible everything in the neighborhood has fallen 10%, in which case your $163,000 offer would only be an offer to pay market price, and you don't want to do that on a property that has been foreclosed.