Buying a distressed home is not all problems and headaches. You do have some leverage as a buyer in negotiating a price with the lender. That's especially true if the distressed home is in poor condition. If the bank refuses to make any concessions in price for a home in bad need of repair, ask your lender to conduct their full appraisal of the property. (An appraisal is a detailed valuation of the home that lenders use to determine the amount they will loan you). If the appraisal comes in below the asking price, you can use that to try persuading the bank to accept a lower offer [source: Gibbs].