REO Multiple Offers - What to Bid?
I bid on a property that had 6 offers on it last week. The bank will choose the winning bid tomorrow and I am considering bumping up my offer a bit. The question I am wresting with is this...At asking price, it's an absolutely incredible deal. I bid more than 20% over asking price which is still an incredible deal. If the asking price had been the amount of my current bid, I still would have felt great bidding 10-15% more.
When you're in this position, do you try to make your offer just enough above asking to get a a steal on the property, or do you offer significantly more even though you might not need to in order to ensure you get the deal? In other words, go for the home run and potentially get outbid, or go for the base hit? Thoughts?