A2area,

Nobody can tell you what your chances are without knowing the asking price vs value of the home. (The greater the value the more offers that would come in.)

Even then there is nobody who can tell you what the other buyers might have been thinking.

The fact that you are willing to buy without any contingencies certainly makes your offer stronger. I hope you've already done your research! There are some important things you can do before you make an offer, but since there are a lot of other agents who read these posts it is not appropriate to discuss those here. (Our company represents buyers. Most Ann Arbor companies now only provide designated buyer agency, so your "agent" is kind of on their own against everyone else in the office.)

Time to sit and wait. But as Missy said you shouldn't have to wait long. Typically a couple days and you will know.

Good luck!

Depends on who else is bidding.

They will do a BPO (Broker Price Opinion) to see what in today's market they can get.

If you are close, you should get it if you are the highest bid, but then again, you never know since they don't have an emotional interest in the sale, just a financial one!

Good luck

Banks have gravitated towards a new tack of listing well below market value in order to create a feeding frenzie (multiple offer situation). This is working well for them. Your Realtor should be able to advise you of market value, as well as the progress of your offer. If you do not have a Realtor -- a dedicated Buyer Agent -- a professional, full-time market expert you are missing the boat. The representation is free to you as a Buyer, and the advantages are many.

A2kammyo, you never know on banks but your offer sounds clean. They came back with highest and best because they had several offers.
REO's don't take as long to hear back as Short Sales. Should be only a few days.

However, depending on the price range of the home, I have seen REO's go 20K over asking.