I am assuming that you have seen the property. A good idea, if you are seriously interested in purchasing the foreclosed home, would be to bring with you, short of a home inspector, a knowledgeable individual to take a good look at the home. If the inspection meets with your approval, since many Bank owned properties sell their foreclosed homes as is, the immediate next step, if you have not done this, would be to be pre-approved by a lender.
Most important; select a real estate professional to prepare your offer and submit it to the Bank. The selected real estate professional has to understand the market where the home is located and let you know if the property is a good deal, based on what has sold in this area on the last 60 days. Be prepared to be countered; meaning that the Listing Real Estate Agent in charge of the foreclosure, as it might be the case, would call your Realtor the same day or in the next couple of days and ask if this is the highest and best offer you are willing to give.
Also, be ready to move fast. Many of these foreclosed homes, in many areas get more than one offer. It helps if you have a good downpayment or if your offer is all cash, but if you have the income required to qualify for the loan and have more than an average credit score you have a good chance of getting the home. Set in your mind the highest price you are willing to pay for the home in the condition that it is. Good luck.