Offers of 25% over listing price? What do banks do?

[Rizwan Qadri]

Hi Friends,

I am interested in a Fannie Mae property that is listed for 370k and need already a roof to live in. It's 30 years old house and no upgrades have been made to it. Needs at least 50k to upgrade kitchen,appliances and bathrooms. It's a multifamily property with potential rental of 4k per month.

There are crazy crazy offers as per realtor ranging from listing price to few offers of 450 and 550k ( I was stumped on these).

I would like to get your opinion as to:

1) What do banks usually look at while accepting offers? Just money and in reasonable offers like!e highest one or they do consider other options. I would say money only as trivial answer :))

2) is it worth going over the listing price like 400k for this property as a reasonable offer?

Thanks

Riz