I want to see the bank's appraisal and write them a buyer letter

[Jacqueline Mann]

I'd like to make an offer on an REO. It will be a major rehab. Comps are $175K. I estimate repairs at $42000. My formulas tell me to offer $79000-82000. The bank is asking $125K. I'm concerned that the bank will not take my offer seriously.

Two questions: 

1. I'm thinking of writing a "buyer letter" to the bank explaining my offer and what the house needs. Do banks read those? What do you recommend go in it? The letter templates I see online are targeted towards writing to emotional homeowners. 

2. I asked my Realtor if he can get a copy of the bank's appraisal and/or BPO so I can understand how the bank came up with it's offer price.  Do banks generally turn those over? If the appraisal supports a price of $125K, then I'm walking away. I don't see a deal here.