How should you buy a foreclosed home?

Question

how would you know your offer was the best without actually knowing

Answer 1

Use a realtor

Answer 2

You usually know your offer is best if it's accepted.

Answer 3

The same way the rest of us do, which is not at all!  There are  few things you can do to help your chances though.

-Pay CASH - Cash offers nearly always trump anything else

-Offer list price

-A short closing period – Bank wants to be rid of house ASAP

-As few contingencies as possible (financing, inspection – though I wouldn’t personally give that up, selling another home, etc.) – The bank wants to minimize things that could cause sale not to happen.

Answer 4

I would appear at the actual Sheriff's Sale auction, where the bidding will begin and end.  You will know then.