what to offer on a foreclosure

[Latoya Williamson]

I have been eyeing a foreclosure Freddie mac home for the last 2 months the house was 61,000 when they first listed the house a year and a half ago. Now the house has been dropping 5,000 each month and now it is down to 31,000. I am trying to figure out what I should offer on this house. There are people still living in the house, I assume they are renters of the person who got foreclosed on. The house is in good shape. I drove by it and it looks better than the pictures. The escrow is very low so I am assuming there is not much to be done on the inside. It is in an upper middle class area, that has a lot of foreclosures. This is an area with a lot of beautiful century homes that are very well maintained and I am going to go look at the house this weekend. I was trying to get an idea if I were to bid how low should I go. I would be paying cash and I am a first time home owner. If the house is still on the market I assume they aren't getting many offers on it and I think maybe I could give them a low offer. any suggestions? Also how hard would it be to get renters out of the home if I where to buy it.