I submitted a contract to buy a bank owned property. The bank didn’t counter with a price, but responded by asking me for my “highest and best offer”. How should I respond to them?
The banks will often utilize the “highest and best” counter when presented with multiple offers on the same property. It’s their way of keeping everything fair and balanced, and helps them realize the highest net as well. We are seeing as many as 17 offers at a time on our bank owned listings, many of which actually sell for more than asking price. If it looks like a great deal to you, it will look like a great deal to others as well. Our advice is to make your best offer first and try to come in under the wire.
For more on this topic, please email us at smith@realtor.com