Whatever you do, Grace...unless you are a professional investor with extensive construction knowledge, make sure you see the property and have it professionally inspected. Also, make sure you are duly represented by professionals (Realtor, attorney and/or title agent). By all means...share your results. I'm curious how it went.
Making offers these days is no longer what it once was. It is definitely a buyer's market and you are in fact competing with aggressive buyers, many (many more than you might think), with cash to close.
This will affect your offer price if you find the property you want. Our coastal areas are much more stable in number of sales and pricing than other areas in our county due to demand for these properties. As advised below, and depending on whether this is a foreclosed home (REO), a short sale (pre-foreclosure) situation or an otherwise 'regular' sale, your pricing strategy will need to be more or less aggressive in each case.
Make sure you sit with a professional Realtor (remember though, not all real estate agents are Realtors - member of the National Association of Realtors who are allowed to use the term 'Realtor' and who must adhere to a strict Code of Ethics), for a consultation. The 30 minutes or one hour spent here could save you countless headaches, hours of searching and frustrations from offers turned down.
Luck, Is When Preparation Meets Opportunity
All the best and please share your results