Seeking Advice on Condo Property

[Berlinda Luong]

Hello! I would like to get some advice regarding a condo that is in short sale. 

This townhouse is located in Montclair, NJ right next to Bay Station (a line that goes directly into NYC). It's a 3 bedroom 2.5 bath unit that a little dated but everything looks like it's in good condition. The condo is called Montclair Mews if you would like to see the complex. They are asking for 289k. Please let me know if you would like me to provide more information.

I would like to live here and rent out rooms to cut costs but one of the rooms is much too small for someone to live in comfortably. I told my realtor I would pay the asking price but the other realtor came back immediately and told us someone else has already bid higher than the asking. I don't quite know what to make of this situation. I could bid more but any advice on this process would be greatly appreciated!

Thanks! =D