As of right now I am over the asking price and am just curious on what your experiences were with these type of "bidding wars".

I second the folks saying to get bids from several experienced contractors, perhaps including a restoration company.

If its a 4/10, and its a 3 story 3105 sq ft that bid seems more reasonable, but maybe still high?

We had tenants bidding to rent it!

Only to see the bank then list it with an agent for much less than they bid at the foreclosure sale They seem to be pretty inefficient

you simply could not do what they do out east.. your title plants are not digital in format from what i know.. so thats why you have to pay for a title search.. we get date downs on the phone in 60 seconds thats enough to bid with..

Unfortunately, this is driving bids much higher than they should be.

Make sure to ask for an itemized bid and the more bids the better.

How many bids did you get?

Months went by and I kept asking for a reason why they thought it was a crack and all I kept getting was more bids over $10k to replace our sewer.