How to win a bid on property

[Nathan Ward]

Hello BP,

A week ago I found a SFH listed at 55k on the MLS that turned out to be a Fannie Mae foreclosure. 3 bedroom old style house, finished basement and attic, and two car garage. Seemed like a good deal and based on the pictures and talking with my agent decided to put in offer at 40k. Viewed property after bid was in and felt property exceeded expectations as a flip opportunity. Figured about 16k in repairs and property should sell at over 110k. Bank countered at the the list price of 55k so RE agent and I decided to counter again with 55k minus closing costs up to 2500 dollars. A few days later RE agent was informed with a multi-bid letter and that we should submit best offer and the bank would decide. It's been a few days now with no response. My agent tells me this means, 1) bank is taking a while to decide or 2) bank accepted another offer and is waiting for signed docs before informing other bidders. At this point I am wondering if I should have done something different. Perhaps this is a normal occurrence in the RE market? Please advise.

Thanks,

Nathan