When buying a foreclosure, you should be working with an agent who has experience in that market. Foreclosued homes are owned by banks or investors. It can be owned by HUD, VA, Fannie Mae, Freddy Mac, or numerous other identies. Each seller has thier own forms as well as thier unique system they utilize. Plus they use our State forms as well.
What that house will sell for, depends on the house. It has been my experience some houses are priced below what they will sell for, they may receive may offers over the asking price, and others are over priced and will sell for much lower than the asking price. Depending on the house, location, condition, etc... As well as who the seller is. Keep in mind, not all foreclosures are able to get a loan on them. Some may be cash offers only, due to the condition of the home.
If you are working with an agent, he/she should be able to advise you as to what a good offer is and what to expect during the buying process. If you are not already working with a knowlegable agent, feel free to give me a call. I have been working with foreclsoures for over 13 years. I would be glad to assist you with the process.
Call me at 219-746-4098 or email me at firstname.lastname@example.org
Hope this helps! Debbie Hemphill