Dealing w/ a bank forclosure

[Alex Shaughnessy]

Was wondering if anyone can shed some light on this situation. I am looking for a new primary. My wife and i want to fix up something ourselves to the best of our ability. we found a forclosure asking price 389k. i noticed that the bank took back the house for 354k. im sure its different everytime, but generally speaking, would the bank entertain an offer of 354k to get if off of their books? Or will they stay firm at 389 until months and months have passed? 

I guess i can offer anyway. it wont hurt. just looking for general information so i can answer my wifes many questions about why i am doing what i am doing. thanks in advance

[John D.]

Offer what you think its worth @Alex Shaughnessy.  Bank can accept, reject or counter.  $354K is reasonable.  I would probably offer $340K and see what kind of response I get.