Financing options when making a highest and best offer.
Shutterstock: Bidding Wars Are Common In Boston.
Mark Hughes, President of Nook Real Estate has worked in residential real estate sales and management for years.I dont try to guess what the other offers are in a highest and best situation.Getting information from the listing agent about other offers.It is tough to decide how to revise your offer and how much to raise your offer in a highest and best situation.Finally, a word of caution: There is always a career risk when you take a posting abroad.For more great information on how to buy and sell houses check out: How to Buy a House: What Everyone Should Know Before They Buy or Sell a Home.The biggest problem in any multiple offer situation is you dont know what other buyers will offer.I hate it when I find out I lost out on a house, and I was never notified they had other offers!
Today it has jumped to around 10 to 11 mainly in urban areas with younger buyers and increasing incomes.
Why not leave your offer the same as your original offer and if you get it great, if not move.
In the sellers formal request, the seller gives each buyer a chance to raise their offer and a date and time all offers must be received by the seller.
I am seeing many traditional sellers (not banks) using highest and best as well.A 1,650 square foot home with full ocean view in San Franciscos Sunset District listed at 1,250,000.The second offer is actually lower than the 100,000 offer, but because of the escalator clause, the first offer would raise to 106,000.Do not be scared off by a highest and best situation.A key to my investing strategy is buying homes below market value and I detail many of my strategies in my complete guide to purchasing long-term rental properties.