I need advise

[Maggie Pena]

Hello, I found a foreclosed property that I really like. The bank is allowing to submit offers for the first 8 day only to people that will use the property as a primary residence (I will be leaving there). It's a multi family. The agent representing the bank is saying that the property appraised higher than the asking price. Also, he me mentioned that if 2 or more offers are received, they will ask for best and higher. My question is should I go below asking price since we will all get the opportunity to go higher if more offers are received? Is that a good strategy? Also, what if no other offers are submitted and the bank doesn't accept my offer would they then go straight to getting offers from investors? Would I loose my chance? I'm just not familiar with foreclosures. Thanks for you help in advance Maggie