PS & UPDATE >>> I bought under (Nov 2008) with contract stipulation that the property be valued at no less than 80% to value (and purchased it for $125k in dire need of roof, had an old oil hot air furnace, it had a open trench in the basement slab (since repaired), even the interior paint was extremely bad + landscaping looked like Jurassic Park, etc., etc., etc.. Back then listings (and sales) were showing value of $209-229 range last wek appraisal was $140k. . Trulia (today) shows: BRICK RANCH HOME, 3 beds, 1 bath, and approximately 1,612 square feet. UPDATE: The property has a lot size of 14,810 square feet and was built in 1957... I can see taking a 40k hit from 200, but not 60k - any ideas of how to proceed here?