When dealing with list prices on REO prices, what is a good bidding strategy?
Really depends on the circumstances. If the property has been on the market sitting, overpriced, put in an offer just before the bank’s fiscal month/quarter/year end, with a short close.
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On all REO offer be sure to pay attention to terms. The cleaner your offer is (without special requirements, inspections, etc.) the better. Cash is better. Short escrow periods are better.
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Know that it is not always the highest price that wins. It is the best price AND terms. So if you are capable of making a clean, cash offer, you are probably ok coming in a little below others who need financing.