Raymond,

Congratualtions for understanding the market and realizing the value. I suggest having your agent run sold comps in the last 3 months. don't go back to far and if you do please adjust values for the market change.
After running the comps you will get a good idea of the REO's value. Of course factor in condition of the comparables. Make your offer with the assumption that every thing is in working order and there are no major issues. Save the condition issues for your inspections. Once in contract you could re-negotiate. If you don't get into contract you will not have that opportunity.
Maybe your agent can question how many offers they are expecting. Maybe there is not an offer date and first come first serve. I make the assumpiton that 30%-50% of the offers will be under the list price. Now you only competing against fewer offers. You could also review the percentage of over asking price recently sold homes have gone. Banks fo like good down payments, and short or no contingencies. Factor in all of the above and you should have a good chance. By the way this week I have heard of 2 top offers get cold feet and back out. so if you don't get it have your agent stay in touch with the listing agent.

If you don't have an agent, I am available. Lee Ginsburg 877-Lee-Sells 9650-358-3959 http://www.leesellsmore.com

Hi Raymond, if you are talking about the home on 6th, as of noon they had 4 confirmed offers and from my understanding they were all over $600K and 3 were cash offers.

Be careful, I was at the property today and there are some serious issues like the front stairs are pulling away from the home, and it looks like there is a lot of water coming thru and going into the garage wall near the washer and dryer hook up. At the very least, you will need a very good drainage system put in.

If you are able to come to terms, I would make sure to get a structual engineer inspection.

I agree with Grace, there is no good reason to think that the listing agent is lying about how manny offers there are. If I were you, I wouldn't worry about what the other buyers are offering, I would focus on what you think the home is worth how much money you will have to put into it.

Good luck,

Dave Tap Tapper
Realtor
Cashin Company http://www.DavidTapper.com
650-403-6252

Hello Raymond and thanks for your question.

While there is no law against the listing agent "padding" the number of offers he or she receives, there is also no reason for them to do it either. Personally, I've found that the higher the number of offers recevied, the greater the likelihood that a buyer may choose never to make an offer for fear that their offer would not be high enough to be considered. Thus, to prevent buyers from being discouraged, I often don't tell inquiring parties how many offers have been received--only whether there is or is not an offer under consideration at the time of inquiry.

For the most part, honesty is the best policy, and your agent will be able to use his or her experience to determine if the listing agent is truthfully disclosing the number of offers that have been received, and will then advise you on a strategy for presenting a good offer.

Good luck and happy house hunting.

Sincerely,
Grace Morioka, SRES, e-Pro
Area Pro Realty
San Jose, CA