He should have run a prelim title report to identify junior lien holders, as tour your offer may have to be structured differently to deal with them, ie. lower purchase price as you may have to contribute additional cash to satisfy am junior lien.There’s too much to learn for You to know everything involved.The list price is irrelevant, the price the bank will eventually accept is what matters.Worst case, get a contract executed, provide a legit POF or preapproval, see where the bank comes back.

I did this my junior year in college and it worked out great for me.

Junior liens got cleared by process of the foreclosure auction.

@Paul Murch - I am not an expert when it comes to junior liens, especially when it comes to their treatment in BK cases.  

Students can be flaky, but if I could offer one tip or advice - find students in a science degree that are in their junior year or higher. 

I am a junior investor, and also active duty military, located in the Hampton Roads area in VA.

Also dont get over your ski tips.. your taking a junior position and as such you should make VERY Big interest like 20% or higher. or part of the profit.. because in essance your person is doing the deal with no skin in the game cash wise.. what happens in a water landing.. and the first goes into foreclosure can you stroke and check and pay the first off. 

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@Michael Junior I dont think you really need a class to teach you about buying foreclosures.

Up until my junior year in high school, with a couple of exceptions, I would consider my childhood "normal."