And, for many REO listings, 7% above the asking price isn't quite competitive enough. You should discuss with your Realtor to find out what bid prices are justified in your market. Often, you find that the REO listing price is set way below market and hot bidding drives the price up by 10-20% or more.
Bernard Gibbons, J. Rockcliff Realtors
DRE License # 01331583
Phone (925) 997-1585 - email@example.com