Offers & Integrity: Highest and Best

[Tom C.]

Anyone else think that any listing agent who says they need all bidders “highest and best” and then after receiving the bids they counter  substantially all those bids to drive “higher-er and best-er” should be imprisoned. 

 /s

Seriously, shouldn’t a seller (or the Agent rep) who requests the highest and best (due to multiple bidders) have some conviction to actually accept the offers as being the highest and best (or walk away)?

When I bid in situations like that I make the offer subject to a short timeframe upon which I deem it reasonable to evaluate the offers after which my offer expires.  (Clearly, not making friends that way)

[Joe Splitrock]

@Tom C. highest and best is a negotiating tactic, no different than a buyer asking a seller what is the lowest price they will accept. Most buyers after learning the lowest price, will offer underneath it - right?

As a buyer, usually I won't play games after being asked for highest and best. I give my best and if they come back, I tell them I gave my best as they requested. I do that because I know if they are talking to me that I was the best offer. That being said, if the counter was something trivial, why would I lose a deal over it?

Agents have to be careful not to appear shifty or they stand to harm their own reputation, so there is a "self regulating" aspect. 

Also keep in mind highest and best is subjective.