Last week we made an offer on a VA foreclosure. We were given a deadline for highest and best. Have heard nothing. I called yesterday and VRMCO said they were still accepting highest and best. Two questions 1) does that mean that none of the offers made the cut? 2) How long does this usually take. 3) Do cash offers, even somewhat below listing price usually win?
I have only worked on one foreclosure and the bank was using an agent so I could ask the agent questions. It only took about 5 days and here is what it said about highest and best:we look for the highest and/or best offer. As part of that review, there are many factors that we take into consideration including, but not limited to: offer amount, closing date, buyer type and offer contingencies. A combination of factors determines highest and/or best.
Thanks for the info.