If you decide to put an offer in on a foreclosed property, definitely put in a lower offer. In most situations, if you are the only "bidder" then the bank will counter if they are not satisfied with your offer. It never hurts to go in low. If there are multiple offers, the listing agency will notify you of the multiple offers, and ask you to submit your highest offer. As everyone else mentioned, get yourself a buyer's agent to help you. You don't pay for a buyer's agents' services so you can use and abuse them all you want. We are there to help you and guide you through the process, no strings attached. Using an agent can only help, not hurt you. Hope this helps.