Hi Forclosure homes are owned by a lender. Some properties are dammaged so severly that you can not even get a bank that would finance it. So you would have buy it for cash. In the other hand there are some good homes to buy in our area. I am a real estate constultant for many years in North West Indiana. If you like the property you want to bid higher to the asking price so you don't get outbid. If you are to invest than you can gamble. If you din't get one house you will get the other. The most important thing is to hire a real estate constultant that is familiar with your area. You are not paying him. The owner does, but he is working in your best interest. One area is better to invest than other. There is allways the resale value of the subject property at the later date also that is very imortant. The listing agent prices the property acording to the condition the property is on the listing date. So, the owner/lender will not go much down of the asking price. The avarage selling price on forclosured homes is 90 % of list price if you are in $125,000.00 price range. If you have more questions you can call me at 219-791-4785 or you can email me at jessica.kljajic@cbexchange.com

usually if it has gone thru foreclosure the bank owns it. you can look up the tax records or the sheriff sale to find out for sure.
you can offer anything you want. some banks will bend and some won't. since their are alot of foreclosures in your area, this might work in your favor. i would offer $100,000 and go from there.
they probably will not pay for repairs and closing costs, but you can try.