Hey everybody, thanks for the input. There’s certainly a bit for me to digest and a little to respond to as well, but I wanted to provide an update since my last post.

Anyway, as (pretty much) expected, it turned into a multiple offer “situation”. I thought I would find the process annoying if I was confronted with it and, sure enough, it was. So, we submitted our “highest and best offer” (god, that term alone just pisses me off) and now we’re in wait and see mode.

I tried to do my best to arrive at what I thought the property was “worth”, but being the cheapskate that I am, we still bid less than that. Even so, it was still a meaningful amount over the listing price and I have to say, I’m a little disgusted with myself. Mostly because a lot of the REOs we’ve seen actually sold for below listing. That said, I’ve definitely seen it go the other way, so this wouldn’t be the first. And anybody can say what they want (I know I do), but it’s a heck of a lot harder determine which way it will go with a specific property. I have to say, my gut feeling is that we’ll be outbid, so if that’s the case, I will be “right” about the property, but I won’t get the house. On the flipside, if I win, then maybe (but still only maybe) I’m “wrong” and even screwed myself to an extent I’ll never know. But, hey, it’s only money.

Anyway, I’m trying to keep it short, so I’ll leave it for another post to rant completely about my hatred for the multiple offer construct (certainly doesn’t help having a bad attitude going in…)