Highest and best! What would you do?

3 Replies

Hello BP nation!  I will go ahead and search old posts for similar threads, but I did want to put this out there for opinions and advice..

The hubs and I are interested in purchasing a fixer upper Freddie Mac as owner occupants. We have yet to submit our offer, but I received notification from the listing agent that there have been multiple offers, so FM has instructed her to receive highest and best by blah blah blah.

Dashed are our hopes of submitting a lowball offer, getting a counter to see if their min was acceptable to us. It worked so well for the HUD in the past! :P

With multiple offers on the table, is it even worth submitting an OO, quick closing offer of cash at 60 or 70% of the list price? Has anyone had success with this in the past? Or with multiple offers on the table would writing anything less than list be a waste of time... Thoughts?

I would offer the most it makes sense for you guys to pay. If you can pay all cash with limited stipulations you may beat out higher offers with more clauses. The bank wants to close. Not have to re list it 5 times. 

Thanks Ryan :) You've given me what is probably false hope!

Banks accept lower cash offers with no contingencies all the time. If they don't take it just keep looking!

Free eBook from BiggerPockets!

Ultimate Beginner's Guide Book Cover

Join BiggerPockets and get The Ultimate Beginner's Guide to Real Estate Investing for FREE - read by more than 100,000 people - AND get exclusive real estate investing tips, tricks and techniques delivered straight to your inbox twice weekly!

  • Actionable advice for getting started,
  • Discover the 10 Most Lucrative Real Estate Niches,
  • Learn how to get started with or without money,
  • Explore Real-Life Strategies for Building Wealth,
  • And a LOT more.

Lock We hate spam just as much as you

Join the Largest Real Estate Investing Community

Basic membership is free, forever.

By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.