To Liz Miller.

I'd offer the higher but the bank never got my offer because the seller (agent) never send it she/he didn't want to split the commission and she/he told my agent that the bank got a cash offer but it wasn't truth I went to my bank next day and they told me who got the contract it wasn't cash and less down that me. So the bank will never got the highest they will get what the seller (agents) chose for their own benefits.

99.99% of the time Liz' scenario is accurate. However, 99.99% of the time Liz' scenario is accurate. I recently had a situation where my client made an offer and the agent said there was another one coming in and we would have second or thir position. Ask who the the lender is and contact the lender if you have any reason to believe that there is anything questionable. In my case there was and my inquiry revealed the problem. So ask the bank if you can present a final and best offer above the asking price.

Thumbs up to Liz for a great answer.

Banks are overwhelmed with the mountains of paperwork associated with foreclosures. They will oftentimes instruct their listing agent to hold the back-up offers until the first buyer is "locked in" and finished with their inspection period. They will also instruct the listing agent to inform buyer's agents to offer their "highest and best" offer. If this property is "the one" for you and your buyer's agent has run the comps, you and your agent should be able to best determine if you need to go above the asking price. That happens frequently in foreclosures, as they are usually priced below market value, and market saavy consumers are waiting for those bargains.