I live in Sugar Hill/Suwanee. Freddie Mac has been pricing their homes very close to what their acceptable price is.
There are fewer of these homes on the market right now so competition is fierce. I've seen some of the good Fannie/Freddie and HUD homes sell for as much as $10K over list price due to multiple offers.
I'm familiar with bidding on these properties and winning for my client. If you are not working with an agent and would like some assistance just let me know.
The bank will generally counter if your offer is a reasonable one. On the other hand if you are "low balling" don't hold your breath for a counter.
In some areas "foreclosure" properties are bringing full and above full price offers. This can depend on a number of factors including the local market, location of the home, home's condition, how long its been on the market, etc.