“Highest and Best” in Home Buying
Lately, we have submitted a lot of offers for home buyers, where the seller counters with a request for “higest and best” because there are multiple offers on the table. What that means is that there is more than one offer on the property and now the home seller wants the potential Home Buyers to name their highest price and best terms.
In other words…please raise your price or you will not get the property. “Highest and Best” is a bidding war, with only one chance to bid. In a highest and best you are rolling the dice to get the house that you want, so you gotta give it your best shot! There is no second chance for a “do-it over”.
This is not the time to procrastinate, or over-analyze. It is time to discuss your options and best course of action with your trusted buyers agent. It does not matter what the seller paid for it, how much is owed on it, what the neighbor sold their house for, or what Zillow says…
Forget the “voodoo” home buying strategy on TV, and don’t pull out your calculator and try to figure out what the other buyers are bidding…I guarantee it will be more than you think, because typically the bids go well above full price.
In a HIGHEST AND BEST, there are only two questions that you need to ask yourself:
1. What is the property really worth?
2. How bad do I want the property?
We can help you understand market value, and try to win the home, without spending all of your money. If this is the house of your dreams, then you will need to stretch out of your comfort zone and name your “highest and best” price without any regrets.
In a multiple offer situation, only the highest and best offer gets the house. No second chances.
Copyright @ Buyers Broker of Florida 2011 “Highest and Best” in Home buying.