REO questions

[Account Closed]

I tried doing as much homework as possible before submitting an offer on an REO (through our realtor) which would normally be out of our price range.

Our starting offer was $86,000 below what they had it listed for.

I found out that the price listed was about what the bank bought it for.

I typed up a cover letter explaining the reason for bid, I indicated that we had visited the property and that we would reside there. I said we had excellent credit but didn't give the score which is 760 and included a pre-approval from our bank TDBank North. We also offered to pay 25% down or 85,000 and paid the $1,000 good faith thingy.

The owner of the REO is Freddie Mac. So my question is... will they even read or care about the cover letter?

We would need to buy all new appliances, the roof clearly needs work and we found out that the septic tank has a crack which needs repair.

The house has been empty for a year now but only been listed for a month but its only had 1 other bid.

What are our chances realistically about winning on the first bid or is it completely up to the mood of the people looking at it?