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As more and more investors come back into the market, they will be bidding on properties against more seasoned investors. This bidding, especially on new REOs (bank-owned properties) can get fierce. Once an investor understands the strategies of Ghost Offers, he will be able to use them to his advantage just like the pros.
from: http://ezinearticles.com/?What-Are-the-So-Called-Ghost-Offers-of-Real-Estate-Investing?&id=5838866