Generally speaking, foreclosure is a public, bidding process. You can bid whatever you wish starting with the minimum bid, but others can and will bid as well. The sale price will be the amount of the highest bid. Remember there are a lot of other factors involved in foreclosures - you will probably not be able to see the inside of the home, there could be other title issues, and many traps for the inexperienced and furthermore, there are differences from state to state, including the right of the original homeowner to "redeem" their property for as much as a year after the foreclosure sale - meaning all that you went through could be for nothing. It's a good idea to check into all of the local nuances of foreclosures before bidding. Perhaps attend some foreclosure sales to observe before jumping in yourself. Good luck to you.