I'm assuming you've seen the property - so did your agent take you to see it? If so, they should advise you on some recent sold comps and depending on the condition of the house, you should be able to write up an educated offer that should start negotiations moving. Banks are in the business of owning houses and in a multiple offer situation (not saying this one will be) they tend to look for highest offer with the best terms. If the house has been sitting a while and no offers are coming in - the above factors may not hold as much importance but remember the bank is most likely taking a loss either way and most times bank owned properties will be sold in as is condition. So if for some reason you have not seen the inside of this house - make sure you do before you write up an offer. Foreclosed houses are not always in the best shape.
Good luck. If you don't have any agent, please feel free to contact me directly.
Gina Chirico, Sales Associate
Prudential New Jersey Properties
973-239-7700 ext 132