When dealing with banks they will try to get the most dollars in the shortest amount of time. So sometimes they lower the value to a point that multiple offers will be submited creating a over list bid.
First Weber Group
Certifed Distressed Property Expert
If you contact a great agent you can get the bank to respond in a rather quick fashion to your offer. How? Your agent will help you find the sweet spot price. Banks rarely respond to low ball offers with any kind of urgency.
Now, about those limited disclosures....Absolutely, without question, always, every time get a professional certified home inspection!!! No Matter What!
Hire a Realtor - Contact a Realtor. If you already like the property in pictures and price wise, visit it.
Make sure the home is really a Foreclosure / REO / Bank Owned. Be aware that Multiple Offers ( a lot or many buyers will make offers at the same time) is always possible. The recommendation is to make your best and higher offer.
If paying Cash, great, but contact the City to check on work orders or Vacant Building issues. City Inspections as well. If financing, check with Mortgage Consultant about your Financing buying a Foreclosure Property in certain conditions.