Susie:
There are a couple of ways to go about this - but here are some short answers/ideas:
1) Can you offer cash? If so, cash is what gets a lot of deals done for a lot less than the list price.
2) The markeplace currently drives a lot of info - hence the fact that this property has been on the market for 213 days tells you that the origional list was too high and the current price may be closer to reality - but you should be agressive with what it is valued to you - IE what work needs to be done, how fast, at what cost, can this be financed? etc.
3) Would this be a home or investment? As this too has a different set of goals and returns.
I do this type of transaction often and have a few other ideas that I can share with you.
Scott
415.225.4593 - cell - Mon Nov 15, 2010