My reasoning it this:  We all have heard of people buying a property and either due to market conditions or possible loss of job they either lost the property due to foreclose or took a bath selling it.  

The reason I am asking , if whole seller come back with counter offer (which is highly unlikely), is it worth considering it. 

My reasoning was that it would be a safe place to store it until i could get it into real estate. 

The reason is you may disqualify a deal from certain securities exemptions/investors by simply sharing it with the wrong people. 

There really is no reason to do so, which is why I am leaning more towards @Lane Kawaoka's advice.

And all that's left is a much more reasonable 10 or 14 pages to physically sign.So instead of rush to read (or don't read at all) but take forever to sign the stuff (it should be the opposite of this, no?)

To skip to the punchline, I haven't landed a deal yet, but not for lack of effort.I've offered on three different sets of properties, and all have fallen through for one reason or another. 

The reasoning for selling so cheap is because they had someone on a land contract who couldn't keep insurance on it and didn't pay the taxes.

If so, there may be a reason. 

IE called the broker and said "Hey I am unhappy with my agent, I want to end the contract for XYZ reason".