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Warren Buffett's margin of safety still applies. Just don't forget with him that all his investments have been made with other people's money...either his first investors (for his first investment fund business) or his insurance customers (through their insurance float)

Well at least you can learn from the experience. It's fine to make a low offer - but you just have to expect the vendor to tell you to go away. If you then try to offer higher in incremental amounts, you just look like a tyre kicker, which agents (and anyone in sales) detest.

It's not about the money per se - it's all about mentality. The fact that you've been trying to negotiate this property for a while even after submitting low-ball offers just leaves a bad taste in the vendor/agent's mouth - and makes them harder to deal with. It's always easier to do business if...

No one likes chiselers. You are acting like one.

Back in the old days when a mortgagee took possession of a property they could do with it as they pleased. In fact, the excess didn't even have to go to the mortgagor. However, now with the intervention of the law etc they have to take into account the interest of the mortgagor. Although it is...

Yes they won't budge on it. That is one of 100s of properties in possession...they know someone else will come around eventually. Plus, as twobobsworth said, they have to get at least the valuation price for the mortgagor to avoid getting sued.