we offered what was aksed & now have been told to give a higher bid is that normal?

Asked by Kemkee, 49509 Tue Feb 9, 2010

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Jane Grant, Agent, Aguanga, CA
Tue Feb 9, 2010
Kermkee: When this happens there are usually multiple offers and the seller requests, "highest and best", from all buyers who have submitted offers.

In many areas of the United States there are bidding wars and multiple offers on homes. It just depends on what is going on in your area.

All Real Estate is local. Don't listen to National trends, find out what is going on in your area in regards to recently sold properties.
Web Reference:  http://www.soreal.biz
1 vote
Anthony Bird, Mortgage Broker Or Lender, Grand Rapids, MI
Mon Mar 8, 2010
This happens all the time these days! Its a pain but with such agressive prices, there are more bidding wars!

Let me know if you want a hint on how to get around this.

Anthony Bird
Riverbank Mortgage
0 votes
Scott Godzyk, Agent, Manchester, NH
Tue Feb 9, 2010
Ye sit is normal if you are bidding on a bank owned home or a short sale and multiple offers have come in. They will ask for a highest and best offer from all offer submitted each time a new offer comes in and none have been accepted or signed yet. So it could happen once, twice or ten times. It is one of those unfortanate things when lenders are slow replying to offers.
Web Reference:  http://www.ScottSellsNH.com
0 votes
Dianne Hicks, Agent, Rancho Bernardo, CA
Tue Feb 9, 2010
This is not at all uncommon in this market. Forget about list price. What have the recently sold homes in this neighborhood sold for? That is more often than not a determining factor when putting an offer.

List price is often below market value to attract buyers. When there are mulitple offers, this is the situation and more often than not.... You must put an offer that is reasonablely aligned with recently sold homes to get your offer accepted!!!

Good Luck!!!
0 votes
Anna M Brocco, Agent, Williston Park, NY
Tue Feb 9, 2010
If priced on target and multiple bids exist, the seller can ask for a final and best offer from all parties involved. What is your agent recommending you do--he/she is your best source of advice.
0 votes
Mary Kent, Agent, Grandville, MI
Tue Feb 9, 2010
Homes in West Michigan that are aggressively priced are now seeing multiple bids. It's not uncommon to see a highest and best request come through. Consult with your agent for some direction. Best to you-

Mary Kent
Web Reference:  http://kentcountyhome.com
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