Auction Process for Fannie Mae REO

[Matthew Peterson]

Can someone tell me the basic in and outs on the best approach for winning a Fannie Mae auction. The property was listed for sale for quite awhile. I had my agent call to make a cash offer on it and the REO agent said a strong contract was on it. Well the "strong" contract fell through and I noticed it was available again. My agent called the agent again to make another cash offer but he told her that "It is in the auction process now", since the last deal fell through. The home needs no work and I will be occupying the place as my primary residence. How do the auctions generally work? Do I get one shot on an offer and will I get to see other individuals bids? Just wondering what my strategy should be since my wife loves this house, wants it and we have the cash to buy it.