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VA-owned Foreclosure - How to establish offer?

Looking at a farmhouse on 8 acres that would be a second home for ~7 years and then a forever home once kids graduate. I have rehabbed every home I ever purchased, so the work isn't the issue. It is also is the area where we want to be long-term and would run about $400k if properly fixed up.

House has city water/sewer, new roof. Was purchased in 2019, guy died in 2025, estate defaulted on the mortgage. It was clear the guy was trying to fix the house up and it is left in mid-reno condition. VA listing agent is notorious. She has never been to the property and says no utilities will be turned on. Poor communicator who just wants a buyer/buyer agent to submit an offer through VRM and call it good. There will also be no inspections. House is ugly but livable.

I can go through the house myself and glean information with my agent. Between my construction experience and his real estate experience, we can scope out a lot. I have never had a foreclosure situation where the listing agent was so checked out.

Current list price is $175k, it sold for $213k in 2019 before the foreclosure. Under the circumstance of zero info from listing agent, no ability to inspect or test systems, and basically a surface-level walk through, where do I start on price? For comparison, a similar derelict property on 46 acres in the same community sat on the market for 325 days, dropped from $350k to selling at $135k and that was through a regular sale. However, that comp allowed inspections and had a responsive listing agent with tons of info and inspections.

Any insight is appreciated. Thanks!

submitted by /u/River-Chalice-23
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source https://www.reddit.com/r/RealEstate/comments/1wu8i0q/vaowned_foreclosure_how_to_establish_offer/
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