Where does my equity stand?

[Jeremy W.]

Newbie question,

Looking at a house for $79k. But it has 1 loan sitting on it for $240k.

If I was to show my intent on the property and turn in an offer, is the bank going to negotiate the price with me to bring it closer to $240k?

And if I was to buy it for $79k, the $240k financing would disappear correct?

Thanks for the (much needed) guidance,

J