Does it really work - to offer "$ OVER HIGHEST"?

[Sam Leon]

I kept hearing people saying when in a REO situation, if the bank came back with a "HIGHEST AND BEST OFFER IN 24 HOURS", presumably in a multiple offer situation...that you could offer them $1 or $100 or $500 OVER the highest offer - provided that they can show you that there is a genuine offer for that amount.

Not to mention you are at the mercy of a crazy buyer who is willing to overpay...unless you have a built in contingency that gives you an out.

I assume if you are willing to do that, you are really calling them bluff. If so, then don't increase your offer, leave it.

But let's say you are willing to pay $100 over the highest, would you really write that into the contract? How would you word it?

OK is this just talk?