This property is in Lis Pendens. This means that there is a legal action pending to forclose. If this is a property that you are interested in, I suggest you wait for it to foreclose. Here is why:
1. Once it is foreclsoed, it is owned outright by the bank.
2. Negotiations will be smoother than trying to negotiate terms during the legal action.
Having said that, negotiations on a foreclosed property is different than negotiating with a direct seller. The bank has it's own procedures, which must be followed. Get a team, Realtor & Lender who are experienced in working with foreclosed properties.
Lastly, if you are a First Time Homebuyer, there may be funds available to help with your closing costs and downpayment. I handle all residential Real Estate, including Forclosures, Short Sales and Pre-forclosures and guiding First Time Homebuyers through the Down Paayment Assistance process, including on foreclosures, Short Sales and Pre-foreclosures.
Please let me know if you have any additional questions. Thanks, Pat