Winterwinds,
Highest and best simply means your "final" offer. You can submit your first offer and write in the offer that it is your "highest and best". You can also submit a second offer at the same or higher price and designate it as your highest and best. This is really no different from any negotiation.

Some bank owned homes are offered below current market value simply to grab potential buyers attention. Other bank owned homes are still being priced too high. The asking prices in this market cover a larger range than in a normal market. The bottom line is you must determine what the house is worth in the current market, if it is the right home for you, and if there is good resale value down the road. Your agent should be helping you by providing current and past market data and their local knowledge.

Good luck!

John Shetron
Suncoasteam Realty, LLC
941-875-9651

Every bank owned property (REO) is not created equal. Generally, the asking prices are below current market value. Depending on the condition of the home- the price may or may not be worthwhile. When the bank asks for highest and best - it means that there are several decent offers on that table and the the most serious buyer is to prevail. These are some of the very best deals to be made in this market.

Mott Marvin Kornicki, Broker | Associate
Aventura // Bal Harbour // Sunny Isles Beach

Bank owned properties are reasonably easy to work out, they will probably be looking to get at least 90% of the asking price, if they do not, they will leave it on the market and generally review and lower price every 30 days or so. You need to decide how much you want the property, get your agent to work out comparables and see if it is indeed a good deal and more importantly, is it the house house you must have!

Regards

Harry Ashley
Broker Associate
Hawk Beach Realty
2 Jungle Hut Rd,
Palm Coast, Fl, 32137
Cell: (386)-931-6054
Fax: (866)-793-2579
http://www.palm-coast-flagler.com

They always come back with Highest and best, be careful not to pay to much. I would resubmit my current offer and leave it at that, but that is because I normaly don't play their games.