Dumb question regarding offer pricing

[M Ness]

I'm looking at my first investment property which is an REO. The listing agent told me there were already several offers.

Typically, are these offers priced above or priced below the asking price on the MLS? Should I be prepared to put in an offer in above that asking price?

Thanks.

[Jon Holdman]

You should figure out what the property is worth to you and make your offer accordingly. If you don't get it, oh well, on to the next one. You'll need to make offers on a dozen or more REOs to actually get one under contract.