Home Buying in 93312>Question Details

Robpmv, Home Buyer in Bakersfield, CA

i have put a higher than asking price bid on a reo house in bakersfield california the listing agent has

Asked by Robpmv, Bakersfield, CA Mon Apr 27, 2009

asked for a counter offer before the bank has even seen the original offer is this common practice?

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Answers

3
Hello,

Yes, some banks will ask for all of the potential buyers of a particular property to submit their "Highest and Best" offers before looking at any of them.

You do need to be careful and make sure your agent gets good comparable sales for the area so that you can make an informed decision regarding the value of the home. Also, be aware that they will ask for your highest and best offer even if you happen to already be the best.

Good luck!

Robert and Dawn Morris
0 votes Thank Flag Link Sun Nov 22, 2009
If there are multiple offer, the seller (bank), asks listing agents to get highest and best and to only forward those to them. We do as our seller requests.
0 votes Thank Flag Link Wed Nov 4, 2009
Hi Rob,
In my experience with REO properties, the listing agent usually presents all offers to the bank, then the bank either takes the highest, picks one to negotiate with, or asks for highest and best of all buyers submitting offer. All banks have their own protocol, though.
0 votes Thank Flag Link Mon Apr 27, 2009
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