First purchase need help

[William Chica]

Hey BP members If come across a house going for 390,000 for a single family house. Now the houses around the area is going for about 500,000. But the house is in the auction I spoke with the agent and asked if it was possible to put an offer to the house , the agent said yes if the house is not purchased at the auction. I went to see the house it's needs renovation due to the fact the previous owner actually created ten rooms in that single family house. I was wondering is it possible to negotiateI with the bank for a lower price due to the house needs renovations. As well as I don't have the cash or collateral in my possession, I was thinking to do a standard loan with a bank for the house. I'm also asking if this is worth it. This will be my first purchase and I just want to make sure all my points are covered, if there is any feed back opinions, options I am open to hearing them. Also does anyone known a good peer to peer lending website. Thank you