Home Buying in Maricopa>Question Details

James Sanson…, Real Estate Pro in Arizona

Has anybody been noticing all of the REOs coming back with highest and best offer in Maricopa? They assume

Asked by James Sanson Team, Arizona Mon Oct 27, 2008

your 1st offer is not your highest and best? They assume we think there are more than one offer? Why not ask the seller to issue you a counter with what they want. I feel this is just a game to sucker up the highest offer when perhaps there is no other offer on the table.

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Answers

3
James,

If there is more than one offer on the table then the listing realtor has to tell you. It's an ethics violation if they don't or if they lie. They are obligated to be honest. Remember, the Realtor is the Listing Agent representing the seller, the bank.

Here's the deal with highest and best (my POV)...

If you offer wasn't high enough in the 1st place, then either your clients coaxed you in to writing too low an offer. If you properly educated your clients with what a fair market offer is then you should stick to your guns.
Why pay more than it's worth?

If you don't get the home, go to the next one.

This bank "highest and best" just creates a "sealed bid" type of auction or "Ebay" feel for selling homes.

I personally don't waste time with highest and best because I write offers at value, not speculation.

All The Best,


Stew Keene
Ph (480) 220-7491
Fax (866- 711 8573
StewKeene@yahoo.com
Keller Williams - Scottsdale, AZ
2008-2009 Master of Real Estate award recipient
ABR, GRI, ePro, CNE, MRE, AHWD
0 votes Thank Flag Link Mon Oct 27, 2008
the banks have not been counter offering recent offers. by countering they are showing klisting agents what they will accept and listing agents are then telling buyers where they need to be loosing an opportunity for the bank to get higher offers. in all cases when there are 2 or more offers the bank always requests the highest and best offer however noe they are doing it even when there are only 1. hope this helps
Web Reference: http://www.ScottSellsNH.com
0 votes Thank Flag Link Mon Oct 27, 2008
Duh, I sure have. Please share realtors and buyers. When dealing in homes for sale in Maricopa, AZ I am seeing tons of banks/sellers doing this.
0 votes Thank Flag Link Mon Oct 27, 2008
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