Highest and best?!
The listing agent for the VA foreclosure we offered on said there are multiple offers and asked for our "highest & best" offer. Deciding on what to do was tough for us. We realized that an objective view is harder to take at this point, as we're beginning to become emotionally attached to the property. Heck, our kids are telling us what colors they want to paint their rooms! So after much deliberation, we decided to up our offer by only $1,000. Basically, I don't want to lose the house over a $500 difference. I have no idea if the other offer is an owner occupant or investor. If they end up getting the property, then good for them. There will always be another property (although not many 4 bedroom, lakefront homes in great school districts!), so we're still searching until we know 100% if our offer has been accepted or not.
We should know today, so at least we won't go through the whole weekend agonizing over if we'll get the house or not. Wish us luck!
Until next time,
Andrew
Comments (3)
Thanks @Natasha Keck & @Nina Davenport for the words of encouragement and support! We went the entire weekend without knowing if our offer has been accepted or not, supposedly we'll find out today. Regardless of the outcome we're confident in our numbers and actions to date. We've learned a ton from this experience that will only make us better investors.
In fact, we looked at two more houses this weekend. One of which is essentially a cosmetic flip--doesn't have the space to support my family as an owner occupant however. It might serve us as a great buy & hold. Unfortunately, I think going after this deal right now would derail my owner occupant purchase. Timing is everything!
@Natasha Keck you have a ton of great info on your blog, keep it up! It's been educational reading your posts. I'll continue to follow your activities.
Thanks again for the feedback!
-Andrew
Andrew K., over 8 years ago
I agree, you can't chase a deal. Especially with investing, I have often encountered the uncomfortable words "We need your highest and best". I always feel like I'm punching in the dark - what is the other guy going to bid???
Finally, someone wise told me that I need to just do my numbers, then bid what makes sense TO ME. If I lose the deal, that's ok. Chasing it would mean I wasn't sticking to MY numbers.
I could be bidding against someone else with a different exit strategy than mine. Or, even possibly, an end user who was going to live in it. Their numbers would be waaaaay different from mine, if I was going to flip the property or different even from that, if I were going to make it into a rental.
Don't stress. Just do what makes sense to YOU, then let it go.
Nina
Nina Davenport, over 8 years ago
Good luck! We missed out on 7 homes we desperately wanted before we finally bought the house we live in today. Now 18 years later, I am so thankful that all our other offers were turned down because we belong in the house we're in. May just the right thing happen for your family this weekend.
Natasha Keck, over 8 years ago