Without knowing more about the home, no Realtor can give you an adequate or honest opinion about the property or the price. Today, everybody thinks their going to get a real deal or a steal when they think of foreclosed homes. This is generally not the case. A lot of these homes have been seriously trashed, and need a lot of work ,repair and money to get them back in shape. Have you spoken with a lender and been pre-qualified for a loan? How are you going to purchase the home, and how are you going to pay for the potential repairs? Have you seen or inspected the home inside and out? What condition is it really in? You should probably contact a Realtor and have them assist you in determining what this property is all about. And, the other answers are pretty much on the money, when you make an offer, that's all it is, an offer. Until and when you and the seller say you both have a deal, and sign it off in writing, which means you have a binding agreement, anyone else may also submit an offer and the seller may negotiate or accept which ever offer is of greatest benefit to them. Once you have a binding agreement, you have a contract to purchase and many new issues come into play. The home is not considered sold, until the final action takes place, and that's when the seller gets it's check, and then, you get possession of the property. There is an awful lot of information and issues you have to consider, be careful and choose wisely.
Michael Bellaire, Broker, ABR
(Accredited Buyer Representative)... more
The foreclosure market seems to be changing daily, but I can tell you from my experience most banks are rejecting anything less than list price. They will do it over and over and then reduce the price to one that was lower than one or maybe more of the previous offers. The good news is, most banks and asset managers have internet based systems in place where you can often receive your answer within 24 hours.
Here's a link to a post from realtor.com that quoted me talking about foreclosures.