“Hi Gary. We and a couple of other people made offers on a home at the same time. Now the seller is asking for our highest/best, which I guess means for us to offer our highest price. I don’t want to get in a bidding war and am thinking of dropping out. What do you suggest?”
Answer:
I’ve been on the seller’s end of this many a time and I have a little secret for you…
Sometimes the highest offer drops out for the reason you stated, and the second highest gets the home.
I suggest you come back with your highest and best offer. Include not just price, but a bigger deposit, more flexible closing, and more down payment if possible. (We have additional proprietary ways we advise our clients to improve their offer. Call us for that.)
As far as getting in a bidding war, don’t offer more than you feel the home is worth and you should be fine.
If you don’t get the home, then you know you gave it your best shot without paying more than you think it’s worth. And if you do get it, all the better.
