Homepath Question on House Already in Negotiation

[Frank Gucciardo]

Hi All,

I'm still in the hunt for my first B&H property and have my eye on a homepath SFR in an up and coming area in Kingston, NY.

I finally got in touch with the Realtor and she let me know, by e-mail, that there is already an offer on the property and is being negotiated.

My question is, and the answer may be obvious, but is there a chance that I can still get an offer in and what is everyone's experience in this situation?  Will Fannie negotiate with two (or more) prospective buyers?  The property is not under contract, so I'm hopeful that I still have a shot but will not go above the price that works for my numbers.

The property is cheap enough so my plan is to do a cash deal and then re-fi out once I rehab and the title seasons.

My #'s have it cash-flowing at 265/mo. (2bd 1ba - could potentially be a 3bd which would be a huge win).

Thanks in advance!