There is no blanket answer for this, however working with a seasoned REO real estate agent can help you determine what you should offer on a given foreclosed property. Many factors go into the offer, including how long it's been up for sale and REO comps in the area. Buyers may be able to offer 5 to 30 percent less than the asking price, but only a professional who knows the area well will be able to help you determine what to offer without risking losing out on the property.