Strategy on foreclosure/multiple offer scenario
Severely outdated but structurally sound house, has asking price of $15K. Probably worth $30K in current condition, say $50-60K when fixed up.
Lots of investors circling, 4 offers in so far, all around asking price. Listing agent says bank (BOA) likely to collect offers for a few days, then go back to everyone for "best and final" and pick one.
Is there any merit in offering above asking initially now in hopes that the bank will take it instead of sending it back for best and final? Or do they always send it back when there are multiple offers?
Tips on putting together best and final to gauge what others might be offering given the circumstances, and what the bank is likely to accept?
Note that this is decidedly NOT a hot area of the country where multiple offers are common. The market is starting to breathe again, but it's a slow-and-steady midwestern small town, not a hot big-city coastal market.