High Offer, Countered With “Highest and Best”

[Mark Abbate]

Hello All,

I have been in the market for about 2 months looking at places, putting offers in an constantly getting outbid. I am a very patient person so this doesn’t bother me in the slightest. I recently found a place that was listed at 465k, I loved the area, it had all the amenities I’m looking for and then some. So, I put in an offer for 560k (pretty ridiculous I know, but I don’t think it will appraise that high) and now I’m being countered for a highest and best offer.

For reference an identical unit closed a week or so ago for 490k but was listed that it needs a little work. I also have an appraisal contingency in place for 10k over appraisal value. By no means am I an appraisal expert or anywhere close to one but I’d be hard pressed to see this place get appraised for over 540k if that.

I’ve decided to stand by my 560k offer cause quite frankly I think it’s a little absurd to go higher but I do love the property. Do you think the highest and best is just to squeeze a little more out of me even though that was essentially my highest and best?

Thank you!