Ganttsrus, Home Buyer in Suitland, MD

What are our chances of being the "Highest and Best Offer" on this foreclosed property?

Asked by Ganttsrus, Suitland, MD Thu Jul 8, 2010

We just offered on a house that had 4 total offers on the property. The asking price was 164,900 and we offered $145,750 initially when there were no offers, but then did and adjustment and highest and best at $175,437 with 3% closing help. Without knowing all the details, what do you think the likelyhood of being the highest and best will be? The property is a foreclosure and apparently all the offers are being sent in to the bank for a decision. It is a Homesteps property if that means anything. Thanks!

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Hi there,

I would say you have a chance of being the one who has the best offer. 3% closing help this is a standard for some bank to give knowing its buyers market. Some ask for 4% closing help or even 6%. You're not asking too much. Just be prepared that this might take a while to process but keep your fingers crossed and be positive. Add a prayer...and make sure you check realtess.c21nm.com

Good luck

tess
1 vote Thank Flag Link Thu Jul 8, 2010
Unfortunately, none of us can answer with accuracy as to the likelyhood of your bid being the highest and best--what is your agent suggesting--keep in mind that lenders do look for the best offer with the best terms, therefore anything is possible.
0 votes Thank Flag Link Thu Jul 8, 2010
In this situation, you have to offer the amount that you are willing to pay. The probability of being the best is anyone's guess. You may be the highest and not the best qualified or vice versa. If $175,437 is your best then so be it and let the chips fall where they may. You have to think that if someone pays $180K that it was not for you and keep looking. I know it is frustrating but good luck, your house is out there
0 votes Thank Flag Link Thu Jul 8, 2010
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