REO - First Look for Non-investors - Hot Market

[Sunny Burns]

Hey guys, I think I have finally found my first real estate investment. It is a foreclosure and has only been listed 3 days ago. I believe it is a foreclosure under Wells Fargo. Like Freddie Macs "First Look" and Fannie Mae's "Homepath" properties, it seems Wells Fargo is allowing only Owner-Occupied Buyers to submit offers for the first 15 days.

This would be my Wife and I's first real estate purchase and we plan to owner-occupy so we fall under the non-investor category. I know this is a hot market, because we put an offer in on a similar Quadplex 5 blocks away at $26,000 over asking price and were outbid by multiple full cash offers. 

We saw the house today with the listing agent and plan to submit an offer at the full asking price, my question is as long as there are no higher non-investor bids will the bank just accept our offer, or would they just wait till day 16 for a higher investor offer? The listing agent said the phone has been ringing off the hook about the house, but it has only been investors so far. Any thoughts on this?