No. of Recommendations: 0
Sounds to me like the "bank" is treating it like an auction, and that somewhere in the background is one of the government alphabet entities (GNMA, FHA, HUD etc).
Guessing that you are not the only offerer and you can shortly expect a response asking for your "best" offer.
If I'm correct (I once was......), you need to start reading every piece of paper even more carefully than you might otherwise. There will be a large number of conditions and traps that crop up after the offer is "accepted".
Also, there is no decision maker on the other side of this transaction with skin in the game.
While there are certainly good deals to had in the repo market, it is a market to go into with eyes very wide open.
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