“Highest and Best Offer” in Surprise, AZ
July 17th, 2008 Categories: Foreclosure and Short Sale Information
HI People-
So right now, the AZ west valley real estate market is doing well. Mostly it is the lender owned homes or REO homes that are selling. What I am hearing from buyers is that they are getting frustrated by the process of actually bidding on a bank-owned home. They are finding there are multiple offers and they are not winning the bidding war. So how do you win?
FIRST: Get pre-qualified, you have to be ready to pounce on that REO home that is priced well under it’s competition. 
SECOND: Hire a realtor that knows how to play the REO game, and play to win. They should have a buyer consultation with you to explain the process of a bank-owned offer and a short sale offer.
THIRD: Be Logical, listen to your agent and go buy a home.
So what is “Highest and Best“?
This is when a bank has multiple offers on a property and they respond to the buyers with asking them to come back with their “highest and best” offer. Kind of like a silent auction. Very common right now. Sometimes the highest bidder will be bidding against themselves and go even higher than their original…this is what the banks want. They are holding their cards close to the vest and showing a mean poker face. They do not want to disclose what the highest offer is. Your agent should have an idea of what it would take to win the home. If not, get a new agent.
What is “review time in a short sale”?
what’s and “as-is” addendum and do i have to take the home with the flood damage?
why do short sales take so long?
some common questions right now…stay posted for blogs on those definitions.
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Danny, we look forward to checking back to get some more valuable information. We have actually worked with a bank on a short sale, information had been faxed to them over 45 days ago and it is amazing, when you are offering to pay 93% of the 1st loan to the bank and they can’t make up there mind. The second took a large loss and got us an answer in days. I will be looking for your future posts.
David
Comment by Scenic City Scoop - Chattanooga Tennessee Real Estate Blog — July 18, 2008 #