Roman, why don't you have a buyer's agent to represent you? Their fiduciary responsibility to you would serve you well with bidding, negotiating and securing
properties for you. Every transaction and response from each bank is different.
Sometimes you will only get a verbal from the list agent. Sometimes it will be
in writing. At times it will be a quick response and sometimes you have to
wait days. If there is more than one offer on the table, all prospectives may be
asked to give their "highest and best" offer by a deadline in order for the bank
to select an offer they deem best for them (it isn't always the highest priced
offer that gets the deal either). Sometimes, the bank will select an offer and
run with it and never ask for highest and best although they have multiple
offers. My advice to my buyers is to always put their best foot forward when
making an offer (especially the highest and best offer scenario) and that way they won't second guess themselves if they don't
get the property. Also, it is a great feeling when the selected offer is no longer
in the running and the bank comes back to you to see if you are still interested
in the purchase. Wish you the best Roman...
Feb 18, 2011