Best and final offers?

[Andrea Castor]

Still new to REI, but feeling frustrated today. I know we can't win them all but still.

We bid on a bank owned property the first day it hit the market. Husband wanted to start low ($52k cash for $59,900 asking price) with ARV around $116k. I wanted to put in out REAL.offer of $59k we were willing to pay. Our realtor figured they would get multiple offers, the bank would ask for best and final.offers, then we could go to our $59k max.

Today we found out bank got multiple offers, all very close, but ours was not chosen. I'm obviously disappointed because we wanted to pay more. Is it typical to just choose one of the offers or more typical the banks give everyone another chance? Just trying to learn fornthe next time....

[Jeff Valentino]

Bank and typical...I haven't figured that out yet!

I've made close to 200 offers to banks this year and have yet to see a real rhyme or reason to what they do. With any real consistency anyway. It's also probably market dependent. 

I don't understand the logic in making a low offer if you're reasonably sure there will be multiples...especially if there's a very slim chance that your initial offer would be accepted and you would go to your max anyway. 

My best success as an agent working for clients has been to call the listing agent, try to build rapport and see what kind of info I can get.