Q. What's this highest and best?
If you are considering purchasing a bank owned home, an REO as we call them, sooner or later you will hear " the seller is requesting your highest and best offer"
This usually happens when there are multiple offers on these bank owned homes. They usually give a deadline, something like ......... multiple offers, highest and best due by Friday the 28th at noon.
Then they will look over all of the h & b offers, and choose 1 to work with. Meaning they may accept the one they chose or they may sometimes counter it. I have even seen where they have rejected all of the h & b offers because none of them were what they were looking for.
Requesting H & B is pretty common in our market right now. Now here's the thing ........ how bad do you want this particular house? There is no way for me to know what the other offers are. The other offers could be low, could be full price, they could be over asking / list price, which actually happens quite a lot, especially on a hot new bank listing. So, my advice for what to bid would be ........ what's the most you would be willing to pay for this home? If the most you would be willing to pay is say, 10% below list price, that's fine, we can submit it and roll the dice and see what happens, remember we have no way of knowing what the other offers are. Ours may be the highest, but if it's not, we will not get another chance to up our offer.
So make your highest and best offer your highest and best!
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