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Has anyone had experience in a “blind bid” foreclosure offer? The bank wants “X” amount. I can go 10-15% above X and still make a great profit as a rental carrying a mortgage. Of course, I could offer LESS than X and make an even bigger profit, but I will be competing against other offers including all cash offers. I can only put down 10%.

My dilemma, do people ever offer MORE than the bank’s asking price? I am wondering if I should just offer the asking price, assuming that everyone else will be offering LESS than the asking pricek but I may be wrong in this assumption. Aside from being a great financial opportunity, the property is extremely close to my residence, so there is intangible value in that to me. Any thoughts people have would be appreciated.