I'm in the first steps to buying a new house. I've had my eye on a beautiful Bank Owned REO home for about a month. It needs a little paint and some new carpet, but that just cosmetic other wise it is perfect. The house was just re-listed about 4 days ago with an even better, lower price. Money wise, I have a great down payment and I am in the steps to get pre-approved for a loan. My real estate agent said there is another bid on the house I just want to know how this whole bank owned stuff works.

I have great credit, and a very good down payment. Does the bank consider that while looking through the bids?

Should I offer a little bit more on the house to ensure I just might get it?

Any help would be fantastic. I don't want to let this house slip away!!

-Confused home bidder.:confused:

Each bank will make its own choices depending on many things

Closing date, price, and all the terms, including approval for loan.
But many look at the loan though their bank as a important issue also

Also don't get caught up and pay too much for a home, in today's market, you should normally find that you can offer and pay much less than asking price for most homes.