Another way to buy is through watching the Homepath.com website's offerings.
Once you spot the property you like, you got to jump on it right away.
With the help of your realtor, check out comps and come in with your best and highest offer.
Different asset managers choose differently.
Some will pick the best and highest and work with it.
Some like to market the property a while before doing the "Multiple Offers Situation" notification
and the following round of "best and final/highest" request.
If you come in strongly, yet, not overpaying (by checking the comps), you have a better chance
of winning in the bidding for a foreclosure.
Recently, however, the prices are growing faster then comps.
Many popular condominiums have too few sales to have a good comparison (because people live there, liking it, and not selling). In this case, if investor, calculate your returns, and, if everything
looks good - go for your best and highest, yet, "calculated" price. If buying for yourself using cash funds - go with how much you can afford and how much you love the place. If buyer for yourself with financing - be prepared to either negotiate the lower appraisal value with the seller (which they may or may not agree to), or to pay for the difference between the appraisal value and the purchase price.
Hope this helps,
Beachfront Realty, Inc.