Purchase a foreclosure-notice of default property through MLS

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I found a foreclosure property on MLS that has been on the market for 381 days and was wondering if anyone has any experience in purchasing a foreclosure-notice of default property through MLS and if they can impart any words of wisdom as to how I would make offer and what kind of offer would the bank be holding off for? I would have thought they would have gotten something in 381 days of having been on the market. Any guidance or insight would be appreciated.

Chances are that the MLS was not updated, or the foreclosure did not happen. I have actually owned a house since last Oct that is still listed as an active foreclosure. Somehow the MLS, Zillow et al never got the update that the bank did foreclose and I did buy the house. Recorders office has it straight so that is the important thing.

Or perhaps the foreclosing agency/bank is slow in dealing with the house, sitting on it for whatever reason and not really marketing it.

Or perhaps it went onto one of the web based auctions for a while and when it never was sold the bank took it back and is now sitting on it.  Maybe they will group wholesale it later.

Lots of reasons, but often its the first thing I wrote, the MLS, et al is wrong.