Highest and Best!
Posted by Paul Caparas on Tuesday, January 13th, 2009 at 1:27pm.If you are planning to buy a Bank Owned Foreclosure (REO) that is listed in the MLS, you might hear the term "Highest and Best". What is Highest and Best? Highest and Best is used when there are 2 or more offers on the Bank Owned Foreclosure property basically telling all potential Buyers to make their Highest and Best offer. This is the Bank/Seller's way of a multiple counter offer.
How to Approach Highest and Best
Now you might be thinking, I might be bidding against myself. Well you might or might not. The way to approach it is by making your Highest and Best offer where you will be happy if you get or don't get the home. What I mean is you decide on the price and terms where you say, I will be happy if I get the home on these price and terms but if I don't, I atleast went for it and won't be second guessing myself.
If you are planning to buy a home, please don't hesitate to contact me!
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