Coming up with an offer

[Kathy Bayer]

I just found out about a preforeclosure in my building and am exploring the possibility of making an offer. I've read some posts that say you should offer 20% below market value. Other places say 40-70% below. The apartment was purchased for $250K 3 years ago. The mortgage balance is @ $233K and the market value is @ $600K. Can anyone share guidance on how to come up with an offer?