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Closed bidding on a house

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zpsyx9

Junior Member
I found a nice place for 165k in a neighborhood that runs closer to 300k. It needs a decent amount of fix up (paint, carpet, etc) but nothing structural. I estimate the repair costs to be no more than 10k. The house is a short sale and is running a closed bid. There are two offers on the house already.

I'm thinking of bidding 171k, but is this enough? I know nothing would make it a sure thing but what would you offer?

(P.S. for those who don't know, closed bidding means I won't know if someone outbids me until the house is sold, at which point it'd be too late.)
 
Our home was in a closed bid as well. We added an escalator to our offer so that if another bid was above our initial bid, it escalated our bid up to a maximum value. This won us the house (which was very underpriced), but we paid about 10% over list price.
 
171k seems low unless you are missing something and others are underbidding as they see a whole lot more then 10k in repairs.
 
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