I have a few questions, first, has the bank offered to sell the condo? Second, reduced from what price? The amount they were owed? The bank will probably, eventually, sell the home for a price that is as close to market value as they can get. Generally, yes, there is a bit of a discount, depending on the condition of the property. The issue for you will be getting them to make the condo available for purchase in a timely manner.