The Listing could be High, Low or somewhere in between.
Your best bet is to enlist the aid of a Buyer's Agent to help you. He will do Comp's, evaluate the property, possibly do some Inspections, and help you determine the Value of the property.
The Buyer's Agent is paid by the Seller, so this service will cost you nothing; but if you do not get one, it could cost you a lot.
Good Luck and may God bless
The short answer is Yes.
Consult with an experienced agent to craft the best offer, just as you would with any other seller.
Fran and Mark Redding
Prudential Fox & Roach, Realtors
1010 Stony Hill Road
Yardley, PA 19067
If there is more than one offer, there's a little room for negotiation. You definitely have the advantage with a cash offer; but if you really like the home go as close to or at list that you can.