i want to purchase this REO and its going for 30,000. i offered 30,00 for it seeing as the comps are at 85000-100000 with six houses sold in the last 6 months for this price on the same street. he then called me back and said there was ten offers on the property and was this my last offer so i offered 32,000. im suppose to find something out today but either way what would be the highest you would offer. it needs about 12,000 worth of repairs… Also is it possible hes just trying to get more commission off of me and lieing about the offers. I need help !! thanks 
I realize this won’t be very helpful, but the answer really depends on your local area. In my area, REOs generally go at very close to the listing price and do have multiple offers. However, 10 offers would be extremely unusual. Your market is obviously very different.
Hi,
It depends on the person to whom you are dealing and you should be able to know the nature of him and according to his nature you have to offer your deal.
Thanks
Competitive situations happen all the time in the reo world, especially when one comes out at a good price. One thing that I have had to get over is…its ok to offer over list price IF THE NUMBERS WORK.
According to your numbers you could have bought that thing for 40-45K and still done all right.
Nate-WI