How much over asking should you bid to win foreclosure?

[Ashley Pimsner]

I have been unsuccessfully bidding on multi unit foreclosures in Chicago and was wondering if there was a rule of thumb for over bidding to successfully land a deal?

These are bank owned properties that are cash only, in need of major rehab, most times you are asked to waive inspection, and sometimes have squatters.

I most recently submitted a purchase agreement for the list price and was told there was a bidding war and lender needed highest and best offer. I increased offer 4k as numbers still worked and haven't heard back from bank.

Does anyone have any bidding suggestions or experiences that may help?