Help with offer. Does it make sense?

[Andrew B.]

Hi all. Just getting started looking for my first deal. I've done some hard money lending in the past and been perusing the market for a flip or rental.

I just found a posting on a WF foreclosure auction and I need a little guidance. 

Details:

• Outstanding loan amount on the home is $187k
• Previously listed for sale this year at $250k
• Area comps are around $300k and rents around $2000/mo
• Photos in sale listing show a mild hoarding situation and listing says house needs some work

My main question is, in a sale like this, if the outstanding loan balance is $187k, is that all the mortgage company is concerned with or are they looking to make as much as possible? Is an offer of $130k-150k out of line? Do they often entertain a loss or are they expecting to be made whole and then some?

This is all new to me so trying to figure it out a little. I'm willing to take on the right project, just need to learn the front end a little more.

Thanks in advance.

Andrew