Homebuying: We Need Your Highest and Best Offer and We Need it NOW!

Homebuying:  We Need Your Highest & Best and We Need it NOW!

It’s decision making time for the buyer.  The listing agent is calling for highest and best and there is a deadline in which they need it.  Uh oh.  You’ve got a decision to make and you’ve got a small window of opportunity in which to make it.  What to do?  What to do?

Well there is only one thing left to do. You need to make an offer on the property like you really want to own it.  But what if the listing agent is just faking me out with the claims of  multiple offers?  That could very well be the case or NOT.   But how are you going to find that out.  Ask the listing agent?  Actually you could to that, but what do you really expect them to say?  “No there really aren’t more offers.  I was just pulling your leg.  I just said that so you’ll up your offer.”  Yeah right. 

Without a doubt, I already know your very first question upon being asked for highest and best and that question will be to your agent and it will go something like this:  “Do they really have multiple offers?”  Here’s the answer (unless the listing agent tells them otherwise) our answer is “I can’t say for sure.”  But here’s what we can tell you:

  1. We can tell you the likelihood of the property having multiple offers (but it’s only the likelihood) based on our experience, the history of the property, popularity or unpopularity of the neighborhood, etc.
  2. We can tell you whether the house is priced competitively and give you our opinion on whether it’s a hot property and whether or not multiple offers are conceivable.
  3. And we can tell you whether or not we feel the house will comp at a higher price even if you did up your offer.

But here’s the REAL deal:  the question that you need to be asking yourself is NOT what if there are no other buyers?  But rather, what if there are? And on that note, you have to then ask yourself the following question:

  1. Do I really want this house?
  2. Does the house feel like HOME to you already?  (are you all warm and fuzzy inside and you just know that this is the ONE?)
  3. How bad do I want it?
  4. Will I be just as happy with the alternate house that I’ve selected?
  5. Is my offer already my highest and best (based on approval)?
  6. Or is my current offer on the house going to cost me to lose out to someone else?
  7. Am I approved to go higher and if I go higher, will I still be in my comfort level financially with regard to my monthly payments?
  8. If I don’t get this house, how upset will I really be?

In the end, whatever decision you make, just make sure you can live with it.

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