Like Peanutter said, it sounds like a tender process. I was going to put in a tender when we moved, but the time frame made it awkward as we wouldn't have found out if we had it until a few weeks before we moved which wouldn't give us enough time to find somewhere else, as well as the fact I couldn't get insurance because it is on a flood plain.
I would strongly suggest checking out if you can get house insurance on it - some places won't cover houses with asbestos, and if has been condemned at some point...well, I would certainly be ringing around to make sure it is able to get cover.
They don't have to accept the highest or any offer. With our one we had to include a cheque for 10% with the application. If it were to be accepted they cash it, if unsuccessful they return it. Not sure if that is the same for your situation though.
Good luck - it can be a great way to get a bargain house
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Re: For sale by offer
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