What does "Highest and Best" mean in Tampa Real Estate?
Posted by Eve Alexander on Monday, November 14, 2022 at 10:00 AM
By Eve Alexander / November 14, 2022
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If you are not familiar with that term, it is probably because you have not tried to buy a house in this Hot, Hot, Hot Sellers Market…
In Florida today, many homes will get multiple offers so if you do make an offer on a desirable property, the seller may call for a “highest and best” bid to give buyers a new deadline for changing (increasing) their offer.
It is a way for the seller to wait to review all the offers at the same time. Otherwise they may receive a better/higher offer after they already accepted an earlier offer with a lower price.
Here is how it goes…
The seller's agent puts a house on the market and indicates that “Highest and Best” offers will be reviewed in usually 3-5 days by a certain time. That gives more buyers an opportunity to view the property and submit an offer. It also encourages buyers who already submitted an offer to adjust their price higher…
The request is for the buyer’s highest and best offer...because the buyer may not get another chance to raise their price. In other words...everyone must give it their best shot now!
It is also a way for the seller to wait to review all the offers at the same time. Otherwise they may receive a better/higher offer after they have already accepted a lower contract.
» MORE DETAILS ON SUBMITTING "HIGHEST & BEST" OFFER
For excellent advice, contact an office that only represents home buyers and never sellers…You will be glad you did!.
Buyers Broker of Florida 727-202-9130.
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