You have been watching a property. Your clients have been thinking about placing a bid. They do not have a lot of resourses but they have some money saved and great credit. You check out their search. The property just dropped $7000. They are excited! They place their first bid in an attempt to buy their first home.
Its a good bid. Full price less closing costs. We feel comfortable. Unless other people bid the VA will take our offer.
On Monday I get that email.... We are in a multiple offer situation... Please give us your highest and best.
I hate that as the buyers agent. You don't know where you stand in the bidding.... You could end up raising your own bid. For all you know the other bids are way low.
I call the other agent.... I ask how many offers? He tells me 4. That is not good. to get some information about the other offers and fail. I had expected that but it is worth a try. I try So now I have to go to my first time homebuyers and explain the situation and the options.
1) Keep the bid as it is.
2) bid so that if everyone asked for closing costs you would win.
3) Add the closing costs into the bid add a bit more.
4) Overbid by a great deal.
My clients chose option 3. Now we need to wait for the bank to decide.
I truely hate the words highest and best.
Comments(5)