It's a house out of foreclosure. It sold for 43k in 2004, and it hasn't been on the market (this time around) for very long. The asking price is 12k. The realtor said that it is "priced accordingly", does that mean a crap load of work needs done to it since it last sold for 43k? Or does that mean that's how much the bank wants to pay it off? The realtor said that the price is still negotiable.

*The realtor did tell me that the people that lived in it stripped out the copper pipes underneath the house.
If it was last appraised @ 43k, does that mean I'll have to spend 30k to fix it?