How to set pre-foreclosure listing price?

[Thos. A.]

I'm a non-agent investor, my previous pre-FC short sales all were listed before or during the process, bu this one isn't. Bank (Wells Fargo) needs listing ag. as part of SS package. Debt is $255k, I'll offer half of that. Home still occupied, but owners as well as agent are cooperating well, Bank says they won't do a BPO till they get the offer, which includes MLS listing agreement.

Since it's pre-FC and not REO, bank doesn't have a price in mind from what I can tell. Agent wants to know what price it should be listed at...the debt? Something less? Agent's best guess after looking at comps? Obviously I don't want it too low, may attract distracting other offers. Is the important thing for the bank just to see that it's listed, or do they closely scrutinize the listing price for signs of irregularities?