"Highest & best" - any way to verify a multiple offer situation?

Question

Samantha Klein · Answer

Make your highest offer, if they pass then move on, it's a numbers game only. I've been in those situations and it is annoying but figure out your max offer and go from there.

Mark Gallagher · Answer

@Amy A.

Their technology is improving, but they've never sent out forms automatically, and they would never send them directly to the buyer.

Amy A. · Answer

Was this a homepath property?  It's their standard operating procedure to tell you there are multiple offers.  One time my offer was accepted by the agent but their automated system still sent me the highest and best disclosure form to sign.  Another time I refused to offer higher and it sat on the market a few more weeks before they reduced the price to lower than my original offer, so I bought it.   If it is new to the market and a great deal they might really have multiple offers.  If it has been on the market a few weeks, it's probably a lie.

It disgusts me that a government entity has a policy of lying!

Percy N. · Answer

Russell, it may depend on the market. I have done it with $500 on a 100-125k property. Adjust accordingly for the market and property price point. In my case it was sitting there and suddenly they claimed to have multiple offers when I submitted mine, so I called their bluff.

Russell Brazil · Answer

Yeah I don't think $250 is going to be enough for someone to pick offer X over offer Y. An escalation amount should be a descent amount of money. Think like $5k.

Philip Dunphy · Answer

Our REO market has dried up , but I had decent success in going straight to the listing agent first and ask them to write our offer or have their co worker rep as buyer agent. The clincher is having the phone call and asking them how much do I have to pay to buy this house. I think the incentive is that they don't have to share the commish. These are all deals below the minimal commish.  Also , they won't reply on writing to this tactic.

I ask buyers agents to do this and it has mixed results

Good luck

Jesse Tsai · Answer

There is no easy way unless the listing agent discloses it.  I've "seen it" used as standard operating procedure to increase offer amounts.  Especially if an offer arrives within a short time after listing.

Amy A. · Answer

@Mark Gallagher I have received them automatically and I am not a liar.  However, it has not been within the last year, so perhaps they have changed their ways.

Mark Gallagher · Answer

@Amy A.

@Karen Miller

The Homepath online offer system can not tell you there are multiple offers, if there aren't really multiple offers in there. What you're saying Amy simply isn't true. A highest and best disclosure form to sign has never ever been sent by an automated system within Fannie Mae.

"Highest & best" - any way to verify a multiple offer situation?

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