NOVA Real Estate Investment Trust of Falls Church is weighing bids from two out-of-state REITs, according to company President William S. Corish.

Westport Co. of Connecticut is offering an exchange of $8.3 million in mortgage loans for 950,000 shares of NOVA stock at $8.75 a share. Because Westport has an option to buy an additional 320,000 shares from a third party, its share of NOVA stock would be raised to just over half if NOVA accepts its offer and if the Connecticut REIT exercises its option.

NOVA also has received a second bid from Parkway Co. of Mississippi of $4.9 million in mortgage loan assets, or $8.50 a share, which would bring Parkway's interest in NOVA to approximately 50 percent. Parkway and a group of investors already own 31 percent of NOVA.

Corish said a decision by the board of trustees is likely within a month. NOVA filed for reorganization under Chapter 11 of the bankruptcy code in October 1980 because it was unable to pay $17 million in debts. The trust, which has assets of $26 million, emerged from bankruptcy proceedings last March, having pared its debts to $8 million.