Hi all, I am a first home buyer looking to buy a joint PPOR with potential to become IP in the future. First and foremost, thanks to the regular contributers to this forum which make it an invaluable resource. I have my eye on a property for which the listed price is towards the higher end of my borrowing capacity which looks like I could move in now then subdivide into front/rear in the future without knocking down the current house (yet to check for encumbrances/easements, subject council approval yada yada). When contacting the agent to arrange viewing I was informed that it is a bank repossessed property that has been vacant for several months but supposedly on the market for only 4 weeks or so. I'm going to the open this weekend and my main thoughts/questions are as follows. 1. My current understanding is that foreclosed houses usually go to auction in order for the banks to get close to market price and also to allay the potential perception that they have sold quickly below market to recoup their losses, which would be against the best interests of the owner. If so, why have they opted for private treaty sale in this instance and if the listed price is not met will they ultimately go to auction? 2. I presume the bank is looking to sell quickly and I was wondering how this would affect price negotiation with the agent. Are they more likely to accept a lower offer due to their desire to offload the property quickly or will the price be inflated by buyers having the perception of "getting a bargain" (even though the foreclosure was not disclosed in the public listing)? Or is there no room for negotiation in these instances? Looking at property comps for the area I believe the market value is around 5 - 10% lower than listed price but I am far from an expert. 3. I understand that if the bank accepts the offer the house is to be sold as-is and they may write up their own contract with additional stipulations. Will there be opportunity to renegotiate the price down after self funding the B&p etc. if something comes up given that they will not be doing any repairs? Any advice or thoughts would be golden, and any general strategies for negotiating with the agent in these circumstances would be greatly appreciated!