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It is not clear what your situation is. If there are multiple offers and it is in fact a foreclosure sale then your agent would have received a multiple offer addendum. Working with your agent, determine what the market value is today and base you offer on likely value, deducting for needed repairs, not asking price. Often with foreclosures list price reflects debt on the proeprty not true market value but that is less common everyday.You may want to talk with other agents in your market that have more experience.
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For Sale: $55,000
For Sale: $1,459,000
For Sale: $135,500