If it's coming up for sheriffs sale, then you can put in a bid on the sale date. Offers on sheriffs sales need to be the highest and many times are cash only.
If the bank has already foreclosed and the property is listed for sale, then you can make an offer on it. Keep in mind that the banks are looking for the best and highest offers. You can put down what ever amount you want, but the higher the better.
Lenders are requiring all offers be submitted with proof of funds or pre-approval letter.
The down payment will depend on your credit worthiness and your lender. Get together with a lender and see what you qualify for, then have a real estate agent or broker write up an offer on the property.
D. Ben Edsall
Broker - ARM, AEREP
Turn-Key Properties LLC