I found a Freddie Mac owned foreclosure that is also in the HomeSteps program. They have it listed through MLS at $109,900. I believe it just went on the market about a week ago. I found out through RealtyTrac.com that it was bought at auction for $62,000.

So my question is how low can I go on my initial offer? I really like this house and it looks to be in excellent condition. (not like other foreclosures I've seen). I want to go as low as I can, but I am scared someone else might put a higher bid in.

Any help would be greatly appreciated.