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It all depends on the bank and how much they want to get out from under the unit; really, they are not losing much by owning it, only by selling it, and 50% is quite a loss... You probably won't get them to go under what the last person owed. I would recommend asking what the cost was owed prior to the bank taking back the property, and use that and the local market as your offer grounds.
Remember, each offer you submit costs upwards of $1,000.00 -- if you back out and don't accept their counter offer, you lose that money, so do your research.
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