[kep]

...a foreclosure? Sorry if this has been asked before...To be specific, the house is listed as $119. We originally placed an offer -through a financed loan- of $140 and someone else made a cash offer but we don't know how much. There were 6 offers made -over asking price- all together. The bank sent the offers back asking for "highest and best." We then submitted an offer of $150. The real-estate agent working on this house can't legally tell us how much the new cash offer is -or if they even offered higher at all.- But he did say he was "comfortable" with our offer...which to us means our offer has to be higher than the cash offer. We just don't know how much higher. I'm freaking out. How likely is it that the bank will take a higher financed offer over a lower cash offer on a foreclosure? Is there some kind of rule-of-thumb for this: like, the financed offer would have to be at least $__ amount higher than the cash offer?Well, the price is incredibly low for what it is. It has 1.31 acres, over 2,000sqft, pool, completely fenced in, great layout, and it's in good condition. It does need some work, but nothing major. We've looked at houses in the same area that looked like crap compared to this one and they were $175 or higher. Even our real-estate agent -who is a family member- said that she is shocked at how low the price is for how great the house is. We haven't had it appraised yet, but the good thing about that is, even if we offer $150 and the house only appraises for $140, they have to let us have it for $140.