My business partner and I have been working with several buyers lately who are interested in purchasing bank owned, R.E.O. properties. And we can tell you first hand that the market for this segment of homes in the Phoenix area is red hot right now. Which leads me to the title of this blog post, "highest and best offer." Now tell me if I'm wrong, but I didn't think the real estate market was a silent auction. We get this response a lot these days from the R.E.O. listing agents. Is this really in the best interest for all involved? It seems to me that it would be in their client's (the bank) best interest if all offers were open to potential buyers, thereby ensuring the bank gets the most money for their property. Instead buyer's will often just walk away and find another property. Quite possibly if the buyers knew what they were up against they might make a higher offer. The bank would then net more from the sale. Seems to make sense to me. Or am I missing something?
I know if I'm a listing agent for a normal client (not a bank) and we had multiple offers on their property my client would most likely want me to tell the buyer's agents where they stand in order to create a bidding war and reap more money. Why would a bank be any different?
Can someone explain this absurdity to me?
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