Highest and Best Offer

To deal with the highest and best offer requires a constant monitoring of email accounts. Most often we are given about 24 hours to reply. It also requires a great deal of organization to have the information to fill in the counter offer, get it signed and submitted on time. Today’s technology allows us to do things quicker, but only if you have the information and programs available.

One of the features used by Real Estate Agents is E-sign. A counter offer can be quickly generated and e-mailed to a client for review and signature. Once it is returned, submitted to the Listing Agent or uploaded to sites such as Homepath. The other alternative is to have a blank form available and meet personally with the Buyer for their review and signature.

This exemplifies the need to have all the details in place before bidding. One of the biggest obstacles we face in Real Estate is Buyers dragging their feet, taking their time providing proof of funds, or a preapproval letter from a licensed lender. Most Sellers, or asset managers will not consider an offer if it is not accompanied with proof of funds or a preapproval letter. Once we enter the counter offer stage requiring a highest and best bid, it leaves little time to tie up loose ends.

The number of people calling me, thinking they know what it takes to buy foreclosed properties surprises me. Many of them watch online videos produced by companies which may, or may not exist, often paying fees to receive online advice. It seems online video viewers are the majority of unprepared buyers. They take advice from someone on an online video about Real Estate who may or may not have purchased foreclosed properties. They seem to know little or nothing about the actual process which causes the majority of delays. The very first step is getting the funding inline. Do you cash your check and put money in your wallet before or after you go to the store? How do you shop? Do you run around looking for the best bargains? Do you wait to find the bargain of your dreams then decide to make a payment on your charge card, wait for the funds to clear, then run back to the store to see if the item is still available? This seems to be the way some people like to shop for houses. By they time they take care of funding, the house is gone.

Straying from the tried and true process most often results in wasted time and energy.

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