Bank owned property

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:woohoo:

Hi everbody! My name is Dee and I live in Detroit,MI. I'm a newbie so be patient with me.

I found a property that is Bank owned that is listed by a real estate company that I would like to rehab and flip. The property is listed for $131.900.00. (market value). The property needs repair (not much aprox. 10,000). I spoke with the listing agent and will view the inside this Thursday.

I don't want to look stupid going in. Since the property is bank owned, how would I go about purchasing the property for a good price?

I know the person who had the property before the bank took over. He wanted $100,000 to get from under the load. His father owned the home but passed.

Any info will be appreciated.