I bid $17k over REO price and lost.

[Tiffany Hayden]

I just don't get it. I'm looking at REO's for a place to live in. I'm in MI and real estate isn't booming here. I found a REO that I really liked listed for $53,200. This is a Homepath property so investors can't bid for the first 15 days. The day after this house is listed I put in an offer for the full price. The listing agent says there have been multiple offers and requests everyone to re-submit their "highest and best" offer. I really wanted the house, so I bumped up my offer to $70k. I just found out this morning that my offer wasn't the highest. The listing agent wouldn't say what the highest offer was. I'll have to wait until after closing to find out what the house sold for.

Damn, I'm really bummed and completely surprised. I thought everyone was bidding less than the REO price.