“Give Me Your Best and Final Offer” Means Just That

If you think you’ve found a great deal on a property, you’re probably not the only one who’s found it. Because of that, you may be in competing offers. If you are, your Buyer’s Agent will probably say something to you like:

"The seller/listing agent has asked for your ‘best and final offer’ by 5pm tomorrow."

Attention buyers: "Best and Final Offer" means just that – "Best" and "Final". Once you submit your "best and final", the seller will choose the one that they wish to go with and that’s it.

There is no coming back later and saying:

"But I would have gone up as high as the other offer, if not even higher!"

If you could have, then you should have as part of your "best and final" offer. The seller will not (and legally can not) get out of a ratified contract with another party simply to accept your "after the fact" offer because it’s higher or better.

Some buyers think that they listing agent may be bluffing in order to get you to come up in price. You could be right, but you need to know that the second that agent gets caught lying, they will be immediately be brought up on an ethics complaint and every agent/broker in the area will know about how unethically and dishonestly they conduct themselves. You think they will ever be able to bluff or get more out of a buyer again?

In reality, agents do not bluff for this and other reasons so treat a "best and final’ offer request as just that. And know that there are other offers on the table that you’re competing with so now is not the time to try and get the ‘"best deal" – the property is obviously a great deal already.

My advice is this…If you’re in competing offers and get a request for your "best and final" offer, go to the top of what you are willing to/comfortable paying for the property. If you end up losing the deal because someone went above your highest amount, then you won’t be upset because you were already at the top of what you wanted to pay. But if you lose a property and a great deal over $5K or $10K knowing that you didn’t offer as much as you were willing to, you’ll be upset at yourself for a while to come.

-Danilo

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"Multiple Offers In Loudoun County Not As Rare As You’d Think"

Multiple Offers In Loudoun County Not As Rare As You’d Think

If you were to tell someone there are properties in Loudoun County that are getting multiple offers, they may look at you like you’re crazy. But that’s exactly what’s happening in Loudoun County as well as across the country, especially over the past several months.

How is that possible? It’s possible because all buyers are looking for the best deals. Once buyers find it, they pounce on it immediately.

It all comes down to value. If the property is priced well for the condition it’s in and relative to comps/market value, it will attract a lot of buyers and sell quickly.

Take for example this listing Tony has in Sterling. It was priced extremely well and it received 7 offers in 6 days of being on the market.

In addition, both Tony and I, as well as other agents in Loudoun County have been involved in several multiple-offer situations with our buyers and sellers this year.

It’s pretty much guaranteed that if you think you’ve found the best deal around, you won’t be the only one who thought the same. If you decide to write an offer on it, be prepared to go up against other buyers and their offers.

If you are involved in a multiple-offer situation, have a game plan ready. Know what the most you’ll pay for the property is before you write the offer. Be prepared to receive a notice from the seller asking for your "best and final offer". Know that once you offer your "best and final" the seller will decide on which offer to accept and you won’t be able to go back and "up your offer".

So the next time someone looks at you funny when you utter the words "multiple offers", know that they’re just not finding the best deals around. That’s good for you…one less person to compete against!

-Danilo