Confused "Highest and Best Offer"

[Bill Dengler]

So I have been going back and forth on a bank owned foreclosure. We keep making cash offers and they hardly budge on the price. After a month of going back and forth they finally told use "Highest and Best" as they have multiple offers. So we put our highest and best offer. All cash deal. My broker just got back to me and said the bank has now countered our offer. WHAT?!?!? - They basically came down 1 thousand dollars from the last time we made an offer and they countered. I thought Highest and Best was just that. Can a bank B.S. you and tell you they have multiple offers when they don't. Im feel like there are no other offers and they are just trying to get me to go higher.

[Russell Brazil]

Originally posted by @Bill Dengler:

@Russell Brazil - So are you saying the bank basically didn't get what they were looking for when the stated Highest and Best offer and are now trying to negotiate to see if they can get closer to what they are looking for?

 Exactly. They have the number they are willing to sell for. Until someone pays them that number, they are going to continue to market the property and solicit offers and counter existing offers. It really isnt any different from any other sale. A seller wants X, and typically will not sell til they get X.