Foreclosure Negotiation. Your Highest And Best Offer
A banks way of cutting to the chase on what buyers are willing to pay is asking for their “Highest And Best Offer” to be submitted. The bank typically will do this after they have received more than one offer on a property or they at least want you to believe they have so you will increase your offer price.
Banks are not required to ask for the “Highest And Best” so the best policy is to provide it in the beginning if you are not willing to risk loosing the home. If the home has been on the market for a couple of weeks and there have been no offers, there is a good chance that you are the only player in the game and you should reject any notion to give them a higher offer.
I have seen a bank come back and ask for the “Highest And Best” a few times while the buyer stood their ground saying that their initial offer was as high as they would go. After a few NO’s from the buyer, the bank decided to bend and accept the initial offer.
flickr photo credit- taberandrew
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