Be tightwad lose the house!Posted: October 21, 2011
So I tell someone to submit their “highest and best” offer. What exactly is so confusing about that? Why does it inevitably happen that after someone is told to submit highest and best, then they don’t get the house, they come back to me and say:
“I would have gone higher, why didn’t they counter?”
Newsflash…if I say to submit your highest and best because there are multiple offers, I am going to assume you have submitted the best you are going to offer.
Because highest and best does not mean submit a lowball offer and we will negotiate with you. It means we have an offer that is satisfactory but we want to give everyone one more chance to meet or beat that offer.
If you really really want the property in question you will forget about the listing price altogether. You will offer the highest dollar amount YOU feel the property is worth. The best terms, such as a quick close. The least repairs (highest and best is not the time to demand new boilers, new roof) as ease of closing is a consideration.
If you decide to be a cheapskate and offer less than your best, don’t bother whining to me that you would have gone higher if I had only asked!!!
Because I will NOT ask!