How low should we go on our first offer?We are looking at placing a bid on a house in Traverse City, MI. The house is bank owned and is listed at $214,000. We can only get approved for $160,000 and we have $10K down. Is an offer of $160,000 too low? What are the chances the bank will take the offer compared to an individual? The home is in an upscale subdivision where all the other houses for sale are $250$-350K. Any info will help! Thanks!November 08 2009 - Traverse City11YesReport a ProblemProblemSelect oneOffensive contentIrrelevant contentSpam (pure self-promotion)OtherDetailsYour emailPlease enter a valid email address.Submit CancelContent flaggedWe will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.We're sorry. This service is temporarily unavailable. Please come back later and try again.