Please Submit Your Highest and Best - Destin FL Foreclosures
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If you are a Realtor or buyer in Destin, Sandestin, and 30A Florida, you have probably heard the phrase "Please submit your highest and best". You are hearing this because you are trying to acquire an aggressively priced property and chances are the property is a short sale or Bank Owned "REO" property. The listing agent is asking for your highest and best because we are now in the dreaded multiple offer situation. I have probably heard this 5 times in the past 2 weeks and I have gotten more comfortable with the situation. I have been winning more than losing recently because I have dealt with this situation many many times. I have won a few and lost a few.
When I get into a multiple offer situation, I have a system and it is below.
1. The first thing I do is pull the comps again. Lets forget about the other offer and pay attention to the comps. When we focus on the comps, it takes a lot of stress out of the deal. We base our decision on the comps and forget about the other offer.
2. I stay on top of the listing agent. If you call the listing agent frequently during the process, you will have the advantage. Sometimes you can read them and tell if you offer is not the best. Sometimes they will tell you that your offer is not the best. Sometimes you may find out that the stress was too much for the other buyer and now you have the only offer. The only way to figure this out is to stay on top of the situation and do not be afraid to ask questions. Persistence pays off in the multiple offer game.
3. It is not over until it is over. Understand, the listing agent has to submit all offers to the client. Even if the listing agent tells you that the property is under contract or tells you it is over, it really may not be. Be sure to ask if the contract is executed or ask them if the buyer signed all of the bank addendums? If not, you can submit a strong offer and win. I have done this before and succeeded. Some people did get their feelings hurt but it is my job to help my client win. On the flip side, If you are going back in forth via email or if you have not received all of the addendum, make sure you stay on top of this. Because the deal is not done until all of the paperwork is executed. Make sure the property is made contingent or pending on MLS.
Be sure to call me if you are looking to buy or sell Real Estate in Destin, Sandestin, and 30A Florida.
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