My Offer Rejected, $1k Difference, Why No Highest & Best?

Question

Hi everyone,

So I put in an all cash offer on a property, 10 day closing, no contingencies. The seller accepted the only other offer and it was just $1,000 more than mine.

I'm trying to wrap my head around why, with two offers so close, was a "highest and best" request never made to me? The only thing that even makes sense is the Selling agent could've been the one who procured the buyer and made 2x commission by closing the seller on his offer instead.

Any other possible reasons that make any sense? How frustrating lol!

Thanks in advance.

Tim G. · Answer

My guess is someone is tight with the listing agent and they told them the number to come in at to get the deal.

Did the listing agent represent the buyer by any chance in this deal? Its visible after it closes on redfin.

Mehran K. · Answer

That's a great tip. I knew I'd learn something awesome by posting this. Thanks

Ibrahim Hughes · Answer

Whose the owner/seller? Individual or bank? Sometimes individuals and their rookie agents don't know they could do a highest and best.

Ramon Jenkins · Answer

" maybe this one will fall out of contract and you'll be next in line "

I totally agree

Mehran K. · Answer

The property is in Wisconsin. Don't know for sure, just going off what he told me. Thanks for offering though.

Phillip Dwyer · Answer

I was thinking Vegas, so it's possible the mls in the area you're buying in may not have this capability.

Phillip Dwyer · Answer

Glad you got some good info hear.  However, your agent is incorrect regarding looking up the buyer's agent on a contingent or pending offer.  Send me a pm if you want me to look for you.

Dell Schlabach · Answer

I have too learned the hard way, we dont alway get a chance at highest best, the last six month or so I have seen a lot more of that, I would say 30% of times if the bank gets a full price offer, or a couple offer they accept one without asking for highest best.

Mehran K. · Answer

Phillip Dwyer my agent said that information doesn't become available on their MLS until after closing.

Learned what I needed to from this discussion about the experience. Now I'm moving on to making more offers. Thanks everyone for the input

Phillip Dwyer · Answer

Your agent should be able to look up in MLS who the buyer's agent is for a deal in contingent/pending status.

My Offer Rejected, $1k Difference, Why No Highest & Best?

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