Signs indicate the housing market has cooled off. Yet there are still “highest and best” bidding wars. Inventory is still low and homes in competitive areas may receive multiple offers. It remains a seller’s market, according to Realtor.com. What does that mean for you?

One Shot

When sellers receive more than one offer to purchase their home, sometimes (and not always) they ask potential buyers to submit their “highest and best” offer. Usually there is a deadline such as, for example, “Saturday at noon.” This is a one shot opportunity for a buyer to put their best foot forward if they would like to purchase that particular home. Sellers select the an offer outright rather than entering into negotiations.

Understand the sellers can choose what is “highest and best” to them. Maybe it’s highest price, all-cash versus financing, appraisal guarantee, inspection waiver, longer possession time frame, etc. The “highest” price offered is not always the winning bid – sometimes it is the “best” offer that is the most suitable for the seller’s needs.

How to proceed

As a seller, you want the best advise with this important decision. Our agents are trained to assist you in every step of this process.

For a buyer, you will need advise how to navigate navigating the purchase process. Many times we have been involved in multiple offer situations and helped buyers purchase their new home.

Seller’s decision

Not all sellers choose the “highest and best” response to offers received for their home. Occasionally a seller will view the offers and outright select one without reviewing the others, and without providing an opportunity for other buyers to improve their offer. It’s ultimately up to the seller which direction they take.

Tucker Benner Realty, LLC agents have experience in this process and can assist you. Contact us today at 231-730-8781 or tuckerbennerteam@gmail.com

Marilyn Tucker, Tucker Benner Realty, LLC Broker