Highest and Best Offer?
So what is the tactic in offering on a foreclosure property when asked to present your highest and best offer to a bank on a REO listing?
The Highest and Best Offer made a bank is their usually counter offer. They are acknowledging that they received multiple offers and that there is one or two they like, and are more likely get what they want or more.
Fear of losing the property can be a powerful motivator, if you let it be. But you can also walk away from the sale to not play those games with the bank.
Asking for the highest and best is a way for the bank to weed out the serious buyers from the ones who are trying to get lucky.
Although being the highest may not get you the house. Some buyers can lose a house if there is a shorter closing length and other details to place that offer over your offer.
