REO bidding

[Michael Garcia]

I put in a bid on an REO last week. The bank just came back today with ... "Please be advised that we have multiple offers on this property. The seller is looking for your buyers best and highest by no later than 5pm tomorrow"

I've got to say I'm pretty pissed off about it. I already put in my offer. This is just to get all the bidders to bid higher. How do I even know they're not just blowing smoke? Is this even legal? Do all REO properties do this? and yes this is my first deal so I don't have a clue