First Time Homebuyer Being Asked for Highest and Best

[Aira Alcantara]

Hi All!

My spouse and I are first-time homebuyers here. We have recently placed an offer on a property for $219K. We offered full price with the seller covering 3% of the closing cost. The seller's agent reached out to us saying they have received multiple offers after today's virtual open house. They are requesting the highest and best offer. Offering $3k -$5k more would be a $50 - $60 difference in our monthly mortgage (including taxes.ins). If we do offer up we would like to have the seller to cover the closing cost. I would appreciate your insight on the best possible offer I can make for this property. I have to give an offer by 9a tomorrow. 

[Corey Hawkinson]

@Aira Alcantara Multiple offer situations are very common and lead to the “highest and best” scenario. I’ve won 2 of those and lost others. No one here can tell you the magic number. In my case, I went with the number where I was comfortable saying “if someone offers more... they can have the house.”

Try not to get emotionally attached. That is difficult when it is your first purchase, but remember that there are 95 million homes in the US.