The lender knows it will probably be taking a loss because, if the property was worth the debt on it, the owner probably would have already sold it to avoid the foreclosure. The property owner would like to avoid the foreclosure as it will have very negative consequences for his credit, and can severely limit his chances to obtain credit for a long time into the future. Property owners and lenders are both in awkward positions when a loan goes into default. If your offer is less than the amount of the debt on the property, ask the owner to present your offer to his lender.
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