What Is a Highest and Best Offer
In the home search process especially when there may be more buyers than sellers or a lack of housing inventory, also known as a seller’s market, there may be multiple offers coming in on a home. Realtors in this type of situation typically want to close the window of showings and open houses because of the higher level of interest and will ask any serious buyer for their highest and best offer.
This is done to eliminate any possible negotiations and gather all serious offers to compare with each other. There are many factors a seller may consider aside from purchase price. Items such as how quickly can the closing occur, is there a mortgage associated with the offer, what type of mortgage financing is being obtained and will there be a need for some occupancy after the closing.
One of the most important factors in a highest and best offer is working with a trusted, competent real estate professional who can navigate and advise you accordingly. It also never hurts to know what mortgage amount you qualify for and the type of financing so work with a trusted mortgage professional such as the Home Loan Advisors at Hall Financial.