Making Offer Tomorrow - Need advise urgently!

[Sabiha K.]

Hi there,

Newbie here. I am not an investor, I am looking to buy a REO property as owner occupied. This property is listed for 300K. I showed it to a contractor, there is roughly 100K required in repairs. Once repaired, it's value will be around 400K based on similar properties being sold in the area.

I am directly working with listing agent and will be meeting him tomorrow to discuss offer details. I am totally new at this and need some guidance from pro's:

1. How much should I make first offer for? Shall I start with 225K and go up from there? 

2. What questions shall I ask listing agent? Please provide some sample questions.

3. I am asked to submit a $1000 good faith deposit. Will I get that money back if my offer is not accepted?

4. The property is listed 14 days ago. Shall I wait for a couple of days or give the offer tomorrow?

5. If my offer is rejected, can I submit again with higher amount, or do I have to wait until they relist again in case it doesn't get sold.

6. How can I get the best deal on this property?

Any help, suggestion, tip is greatly appreciated. Thanks.

Kaus