Purchase requires assumption of current debt. Next Steps?

[Owen Burton]

I received a listing from a broker that requires the buyer to assume the property's existing loan.

If I determine a revised value that's ~$1M less than the listed principal amount (after adjusting vacancy etc. to 10% and expenses to 50%), what are the common next steps? Do I just ask the broker if the original lender is open to negotiating new terms? And if they're open to loan assumption financing?

Am I missing other obvious questions?

[Charles Seaman]

@Owen Burton If a loan is being assumed, there's no negotiation of the loan terms.  Those are already set and will remain the same.  You can negotiate the purchase price.  Negotiating the purchase price doesn't necessarily impact the loan amount in this instance.