“Best and Final” on REO home? Help!

[Ryan Hill]

I’ve been asked to make a “best and final” offer on a foreclosure home.  The response didn’t give a deadline for my best and final which confused me because in the past I have always been told 48 hours.  I offered 86% of the listing price all cash and no contingencies/inspections.  This property has sat more than 30 days.  It’s brokered through an out of town realtor.  I made the offer without entering the home  only walking around it.  On the phone prior to my offer the broker informed my realtor that no offers had been made prior to my offer yesterday. The market I live in is small.  Do asset managers ever use a “best and final” tactic to squeeze more out of an offer when there is not another competitive offer?  I am racking my brain.  I didn’t know if this ever happens.  

[Tanner Marsey]

Call their bluff....