Reo taking bids, How to navigate?

[Chad C.]

Great deal on home for 20k but it may be a way for the bank to drum up interest. The agent said there have been 15 offers, and said there is a 10 day offer period, then the bank takes the higher bidders, and ask them for highest and best. Agent regretted telling me the highest bid, I guess there's a confidentiality aspect there. He said I would need to be over 30k.

How common is this?

Could the agent be driving up the price?

How do I bid? Do I offer my best, with the minimum returns I am looking for?

He said the bank doesn't always let all bidders re bid, so I'm thinking I need to be in the top 5