Bank Owned Property
Hello everyone, I hope I'm posting this in the right place. I've been working on a property owned by a bank for about 5-6 weeks now. I finally made contact and am in communication with the bank. Scenario is this: property foreclosed about 2 1/2 years ago, bank turned property over to HUD, HUD turned it back over to the bank and it's been vacant for about 2 - 2 1/2 years. The bank responded to me that they may sell it before turning it back over to HUD. I should submit my highest and best offer, properties are sold as is, no commissions, no warranties. I responded with, "do you know what price range you would consider selling and would I be able to gain entry to look at the property before submitting an offer?" they said, " no, it's a liability for us to grant you access"
So my fear is that I'll be submitting an offer on a property with no knowledge of the foundation and structure. Of course it has glass block windows and I can't peak in the basement. I have no idea where to start with a bid on this??? I don't want to go too low and have the bank say F off and I don't want too go too high for obvious reasons.
Any thoughts? Any experience? Thanks for any help!