WHAT IS A HIGHEST AND BEST OFFER?

As you've heard, this market is competitive! With that being said there is a term that keeps coming up - "Highest and Best"! What does that mean?

That means that the listing has so much activity that the seller and listing agent have agreed to place a deadline for ALL offers. Strategy can be better discussed over a phone call if you find yourself in this situation. In the meantime, I want to give you some bullet pointed facts about these situations. A great agent will seek as much info from an agent as possible to increase your chances of being #1.


HIGHEST & BEST

--> There can be anywhere from 2-20 offers on the home
--> This is your opportunity/deadline to put your BEST FOOT forward - you have one shot!
--> MOST likely there are a handful of offers OVER asking
--> MOST likely there are a few buyers offering "appraisal guarantees" (I will explain this later)
--> Offers with Appraisal Guarantees are the most highly sought after offers
--> If occupancy is involved, most buyers will be giving the seller FREE occupancy for 30-60 days
--> The Loan Officer/Company that you are using MATTERS. It can be the difference between winning and losing if you are neck and neck with someone. 
--> It's not true that you have to waive inspections to win, great agents and lenders will sell their client. 

These deadlines are HARD STOPS for offers. This is for a few reasons - if they kept letting offers trickle in, they would keep stringing everyone along and that is not ethical. Sometimes the agent is printing the offers and heading to the sellers home, no printer in the car (lol) and they are not looking at emails! Almost every time, they have 1-3 INCREDIBLE offers and sellers don't need to entertain anyone else.

The MEMO for the Highest & Best is not always posted in Public Remarks. Sometimes only the real estate agent can see this. 

That sums up most of the facts! If you have any further questions about Highest & Best offers, please don't hesitate to reach out!