VA Foreclosure; Asked for Highest and Best and Accepted None

2 Replies

What gives? We found a VA foreclosure, put in an offer and that day, the selling agent calls my agent and asks for highest and best. We oblige, then two days later get a note from VA that our offer wasn't accepted, and an email from the selling agent that none of the offers were accepted.

The property had only been on the market for three days. I'm ASSUMING the VA is going to let it ride for a while longer, but why go H&B, then shoot everyone down?

Foreclosures are ridiculous right now. They are almost more expensive than traditional. Your best bet is to let it ride for a while and than reapply. What I have found in our area of central Valley, is that the property managers are Southern California. Therefore they price them WAY OFF. San Diego prices are NOT Hanfords ;0

This is typical as long as the bids are under the asking price.  Asset manager won't or can't drop below a certain percentage of the asking price.  I just had this happen to me.  Property came on Vrmco website at $60k. I won the highest and best at $50.4k and they wouldn't negotiate further.  Property is still on the market.  I'll wait until they get more realistic or find someone else to overpay.  

Create Lasting Wealth Through Real Estate

Join the millions of people achieving financial freedom through the power of real estate investing

Start here