Newbie seeks advice on buying an REO

[Melissa G.]

I need a little help with the REO Process. I've learned about a home that has been bought back by the bank. It's my understanding that there is a 90 day waiting period where the homeowner has the opportunity to buy the house back and that a contract can not be accepted until that time has passed. We know what the bank will be listing the house for and are prepared to pay the full price without contingencies and have already sent in a contract for the home. Should I be expecting the trustees to hold our offer to see if there is someone willing to pay more? I don't know if there's anything else we should be doing to increase our chances of getting the house.