Need quick advice on Fannie Mae Homepath bid
We found a house that looks like a steal in the town we'll be moving to once our house sells. List price is $15K, has bowing basement walls (getting an estimate tomorrow), and needs an interior gut (could DIY for $10K max). Probably worth $60K when fixed up (asking for comps in the morning).
It's a Fannie Mae Homepath, and from what I understand, investors can't bid for 14 days. Today is day 10. We can bid as an owner-occupier, because we could live there until our house sells, and then once our year is up occupying it, could buy something bigger and then either sell or rent it.
I'm looking for tips on putting in an offer, negotiating, etc. Do we need to offer full price? Will they negotiate? Do they consider incoming offers one by one, or are they saving up and will pick the best one? The listing agent said she heard there are 4 or 5 investors chomping at the bit for the 14 day period to be over.
Thanks for any advice.