[quote=EconProf]Rustico, my point was that many sellers delude themselves into thinking their property is worth more than the market says because they “improved” it in some half-assed way. To bring them down to earth, they should discover on their own what remediation involves.
You are quite right that there could be opportunity in such cases. Especially if buyers have spurned properties with these handicaps and they are priced accordingly.[/quote]

I am with you 100%. The price is about 50k less than anything else in that area, so it’s worth a look. As far as haggling, it’s a REO, so I doubt the bank will. The price may come now again though, and then I will be that much farther along in the process.