What does "highest and best" mean?
By Russ Ravary ~ Metro Detroit Realtor call (248) 310-6239, Michigan homes for sale ~ yesmyrealtor@gmail.com
(Real Estate One)
So your real estate agent has called you and says your bid is just one of many that the listing agent has received on the Southfield foreclosure. He says you need to give your highest and best offer. "Highest offer" means highest price. But highest price doesn't always win. "Best offer" comes into play now. "Best offer" means the easiest type of offer to close. "Best offer" means the least number of possible obstacles. So I am going to list the "best offers" in order. Cash offer with no inspection Cash offer with inspection Conventional mortgage with large down payment with no inspection Conventional mortgage with large downpayment with inspection FHA mortgage with no inspection FHA mortgage with inspection 203K mortgages, or any mortgage that is out of the ordinary. Banks and lis...
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