A question about a bid we put in on a foreclosure.

Asked by Peggy, Virginia Mon Jul 21, 2008

I would like to thank you in advance for any information you can give. My husband and I put in an offer on a REO a week ago and ended up bidding against someone else. We should find out today if we get it. We were told that our offer was the highest. We bid 36000 over assesment. After looking into comps and looking at the assesment I am confidant it will not appraise. What happens if it doesn't? Do we go back to the bank with the appraisal? Should I have my agent do a BPO?

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