![]() ![]() The banks started asking for highest and best to give every buyer a fair chance to revise their offers. Because of these policies, banks end up with multiple offers on many of their properties. Banks can take a long time to respond to offers, and some banks have policies that they will not review offers until a home has been on the market for a certain amount of time. I used to list a lot of bank foreclosures, and banks use highest and best in almost every situation when they receive multiple offers. The seller will review all offers at the same time and pick the offer they like best. In the seller’s formal request, the seller gives each buyer a chance to raise their offer and a date and time all offers must be received by the seller. Highest and best is when a seller receives more than one offer on a property, and they decide to give everyone a chance to submit there best offer. I am a HUD and REO listing broker as well as a real estate investor, and I am in highest and best situations all the time on my listings and as a buyer. Highest and best has become more popular in the last few years due to decreasing inventory and increased buyer demand. All you can do is analyze the situation as best you can, and make the best offer you can based on your own numbers and needs. ![]() The biggest problem in any multiple offer situation is you don’t know what other buyers will offer. ![]() It is tough to decide how to revise your offer and how much to raise your offer in a highest and best situation. There are many different strategies you can use when trying to win a highest and best situation. I just made an offer on a short sale late last week where they received multiple offers and they have asked for highest and best. But it’s important to remember, you should never have to quit your job to be given what you want, to be paid the money you’re worth, or given the promotion you deserve.I have been involved in many multiple offer situations as a buyer, seller and listing agent. It’s very likely that your employer won’t give up, and if you have a long notice period, you can receive multiple counter offers throughout that time. “ Unfortunately my mind is made up, please respect my decision as I’ve enjoyed my time here and I’m keen to leave on good terms”. It’s important at this point to politely say When you resign your boss is likely to ask you what they can do to keep you. This will also help to ensure your boss doesn’t have an emotional response or take it personally when you’re leaving. This could be the opportunity to work with a specific client, getting experience in a new area, or a better location. The best thing to do is to make sure that when you resign, you explain that you’re leaving because you’re being offered something by another company that your current employer can’t match. But before we get any further, let’s make it clear what a counter offer really is. Unfortunately, we find that by the time it comes to the counter offer, it’s too little too late. Which should make it no surprise that counter offers are becoming more commonplace and more aggressive. This in turn makes managers and employers that much more desperate to keep you, the employee. This demand for talent means you as an employee have more choice than ever when it comes to where to work. The Office for National Statistics (ONS) shows there were a record 1.29 million job openings between January and March this year. As a recruitment agency, counter offers are something we see on a daily basis and discuss with everyone we work with. You’ve put in hard work: updated your CV, applied to too many jobs to count, impressed the interviewer, and finally you’ve got your new job offer.Īnd when you’ve handed in your letter of resignation, you can be confident in expecting a counter offer. First of all, congratulations on your new job. ![]()
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