A popular way to take offers on a property is best and final. Like an expression of interest, best and final gives the opportunity for buyers to put their best foot forward and buy a property. Though there are some things to be aware of however.
It’s a pretty simple concept, make your offer on a property by the closing time given and wait to see if you won or lost. The problems begin where buyers start to overthink a situation and start trying to outplay the other interested parties. The only problem is, they are generally the buyer who doesn’t win and ends up making late offers or become distressed from losing another property.
In the scenario you have to purchase with this method, you only need to think about yourself. The best way to approach the sale is to work toward avoiding disappointment. What you need to do is think just about the property at hand and what the dollar amount is that you would pay for it. That amount is the figure that if you were to lose the property to another bidder for one dollar more, you would walk away with your head high and say “they can have it”. At least, this way you’ve put your best foot forward and you can move onto the next if you’re not successful.
It’s not about not overpaying for a property. If you’re willing to go to a certain number and that wins you the property, then you set the comparable for the next property to aim for. The basics are as follows, offer the dollar amount that you feel comfortable offering that it would t disappoint you if you lost the property, try to keep conditions to a minimum and have all your buying services ready to go, depending on the seller’s situation, keep settlement as close to thirty days as possible.
Now that you’ve got the basic outline of best and finals, good luck with your next offer.