The true price is what the market will bear. Therefore, if the property in on the beach, in South Beach, the demand will be higher, and bidders will bid higher than the listed price, if they really want the property.
The best approach is to have a realtor research the address of the property, the status of the foreclosure, do a CMA (comparative market analysis) of the property, get recent closed sales to determine appraised value, and to check the building for % of foreclosure/cash reserve situation, etc., to see if the building can get financed.
I am a mortgage broker, as well as a realtor. I'd be happy to find you the details of this and other foreclosure opportunities...call me: 954-536-0648 or email: firstname.lastname@example.org
Feel free to contact me for assistance in your foreclosure search.