I have placed an offer on a REO property within 24 hours of the listing. The bank requested that we place our

Asked by Irma, Eastlake, OH Mon Apr 13, 2009

highest offer which included the asking price and closing costs. Does this mean I have good chanced of getting the home? I am so anxious to find out. Please help. I don't want to get into the bidding war. I guess there are already couple offers, but I have a good feeling that ours was the highest offer.

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Donna Toth, Agent, Solon, OH
Mon Apr 13, 2009
When dealing with REO's, there is always a chance you will find your self in a multiple offer situation and the banks hold offers to actually force people into a bidding war so they can realize the most money on the property. You should know this when you get involved with these types of properties. So patience is the key word here. Also, did you offer full asking price? For if you did, you do have a better chance of winning the bid, as most people offer far below the asking, expecting to "steal" the property. Conditions of the offer are also inportant to the bank, i.e., closing dates, financing conditions(cash is still King!), give backs, inspections, and title company can be an issue. So, good luck and be patient. David Toth of the Toth Team.
1 vote
Linda Roby, , Cleveland, OH
Mon Apr 13, 2009
Dear Irma - Getting your offer in first with the bank doesn't necessarily make a difference. They are looking for the best and highest offer. So even tho you responded quickly, they may still wait to see what other offers come in. Hopefully, yours is the best. So be patient. There are many variables and when dealing with bank owned properties and they are pretty much in the drivers seat. So just hang in there and good luck with your offer.
1 vote
Art Hotes, Agent, Cleveland, OH
Mon Apr 13, 2009
At this point, it's a gamble on how you will stand against any other offer on the table.

If you feel that the offer that you have out there is your best, then feel good about it... and feel better about it if/when you get notice of you being the winning bid!

Good luck to you on your home purchase!!

Art ~ RE/MAX
1 vote
Linda Roby, , Cleveland, OH
Fri Jul 24, 2009
Hi Irma - I agree with the agent in Jacksonville, When the bank asiks for best & final offer that usually means there are multiple offers. The bank is looking for the highest sales price but they also look at all the terms of the offer such as whether it is owner occupied, any concessions you may be asking for such as closing costs and how quickly you can close. Hopefully yours will be accepted. Good luck!
0 votes
Mike Linkena…, Agent, Jacksonville, FL
Thu Apr 16, 2009
That usually means that there are multiple offers on it (or at least the listing agent says there is). Your highest and best should be the price you are willing to pay for the property. Best of luck in getting it!
0 votes
Christina Ca…, Agent, Washington Township, OH
Thu Apr 16, 2009
Did your Realtor ask the listing agent if you had the highest offer? You may be surprised, sometimes they spill the details!

Christina Asad Edwards, Realtor
Office 937-573-0082
Cell/Text 937-205-4741
0 votes
John Wirsing, Agent, Pepper Pike, OH
Wed Apr 15, 2009
Hi Irma,
When the word comes back "Highest & Best Offer" it normally means that there is a multiple offer situation going on here.
At this time, you want to make that best offer that you can. Make the offer the one that if you lose it, that will be OK because you made your Best Offer.
If you are successful-GOOD FOR YOU. If you do not get this property, you may need to remember the one magic word in Real Estate Transactions--"NEXT!!!" If this property doesn't work out, be prepared to move on to the next one.
If you would like, I can set you up with a FREE search that will provide you with the most CURRENT information on all of the homes that get listed in the areas that you are interested in living. We can notify when the new listings come on the market & when existing listings change their List prices.
Call me at 440-487-2193 or e-mail me at jwirsing@kw.com.
John Wirsing
Multi-million Dollar Realtor
Keller Williams Realty Greater Cleveland
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