Thanks! We are new to this and are kind of learning as we go! Our agent told up not to get our hopes up since there were other offers. We are offer a little over what they are asking. SO i guess now all we can do is cross our fingers. The property was already listed well below market value.

most likely not. If it is a bank owned property they will choose the best offer. Some banks like wells fargo and countrywide require you to be preaprroved by them to make an offer on one of their foreclosures. However you are not required to use them as your lender, they just do that as a safeguard in case your prior preapproval falls through.

If the house has several offers the banks will probable give you a couple of days to submit your highest and best offer. Be smart and bid what you feel the home is worth to you.

Quite possibly, but that doesn't mean they will accept your offer if the others are "higher and better". If the other offers are higher and request less closing, Wells Fargo may opt to go with more money. Best of luck to you!