Detroit Real Estate

Here is a "highest and best" explanation.  A listing agent will call for a "highest and best" offer from you when there are multiple offers.  Your real estate agent will call you and explain that your bid is just one of many that the listing agent has received on the foreclosure.   He isn't pulling your leg and the listing agent is not just trying to run the price up.  Your agent will tell you to give your highest and best offer.  But what does that really mean?

"Highest offer" means highest price.  But highest price doesn't always win.

"Best offer" also is part of the listing agents and banks decision.  "Best offer" means the easiest and quickest type of offer to close.  "Best offer" means the least number of possible obstacles.  So I am going to list the "best offers" in order.

1. Cash offer with no inspection
2. Cash offer with inspection
3. Conventional mortgage with large down payment with no inspection
4. Conventional mortgage with large downpayment with inspection
5. FHA mortgage with no inspection
6. FHA mortgage with inspection
7. 203K mortgages, or any mortgage that is out of the ordinary.  Banks and listing agents get nervous about specialty loans.  If the listing agent doesn't use the loan a lot or unsure about the closing potential they are going to recommend to the bank to go with a different offer.

I have seen a cash offer on a Livonia Home with no inspections win over a FHA inspection offer when there was a $25,000 difference.  So when you are putting in your "highest and best offer" think about what I said above.

SEARCH DETROIT FORECLOSURES AND DETROIT SUBURB FORECLOSURES

LIVONIA REAL  ESTATE AND LIVONIA RELOCATION INFORMATION

LAKE ANGELUS MI REAL ESTATE AND HOMES FOR SALE

WHITE LAKE MI LAKE FRONT REAL ESTATE AND HOMES FOR SALE