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Why would a agent ask for your highest and best before submitting your REO offer to the bank?

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Just wondering under what scenario would you do this?

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July 01 - Dana Point

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FriendshipProperties
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FriendshipProperties

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Usually if they have multiple offers. Or maybe the agent priced the property so low expecting to get over asking price, but they didn't. So now there freaking out trying to get a higher offer. It's a game I usually don't play unless I KNOW there are other offers and I feel I have a decent chance.

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July 01

hardcandy22
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hardcandy22

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I just thought I would update the outcome.....

I didnt increase my offer to my highest and best offer prior to the bank viewing my original offer. I stood ground.

Outcome - My offer was accepted by the bank, no counter.

So in this particular situation I think Friendship Properties was close to dead on. Had I changed my offer all I would of done was spent more money. I do know the other offers were submitted as well.

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July 17

jwf24
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jwf24

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Robert is dead on! Good advice.

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July 16

Robert Larsen, "Robert Larsen"
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Robert Larsen, "Robert Larsen"

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Most of the time its the bank requesting just a single offer. The banks are so bogged down with so many properties right now that they do not want more paperwork that they need. So, they simply request that the broker only submit the highest offer he/she received. Unless a bank owned property has been sitting on the market for awhile, they usually receive multiple offers. Don't try to low-ball a bank owned property you really want, unless its had some time on the market. Your agent should be able to tell you if it's a deal or not the moment it comes on the market. If its priced right, then the property is going to receive multiple offers the first couple days on the market.

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July 16

hardcandy22
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hardcandy22

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If you give your highest and best before the bank even views your offer then wouldnt you be up a creek if the bank then asks for your highest and best once they view the resubmitted offer?

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July 01

Oliver Indra, "OliverIndra"
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Oliver Indra, "OliverIndra"

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They just want you to submit the highest and best from the start, means, you don't get a second offer chance on it. All listing agents and banks work differently.

Good luck

Oliver

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July 01

askmaryann
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askmaryann

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Want your first offer to be your best, sometimes you do not get a second chance. If they're receiving multiple offers they are not going to bother countering all the offers.

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July 01

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Question Why would a agent ask for your highest and best before submitting your REO offer to the bank?

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Why would a agent ask for your highest and best before submitting your REO offer to the bank?

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