Silver lining for our young Hobokenites?
2 minute read
June 19, 2012


Highest and Best? Always the Worst!

UPDATE! So, we had ourselves an old fashioned bidding war! (what is this, 2003?) Anywhooo, it was the old, “highest and best” offer game. This is where you, as the buyer, get one shot to put your best offer forward and hope that you win. These are never fun because A) you’re held hostage to your lonely one offer B) you get stuck in a psychological game of unknowns and what if’s. Do we bid low and hope for the best (and most likely lose the house). Or do we bid high and shoot ourselves in the foot and pay too much for the house? Oh, the agony! It really can be mentally exhausting playing this game. All you can do is evaluate your personal desire level for the house and personal comfort level with the price, in that mix you will find your best offer. Luckily, the selling agent was a straight shooter (There can be some shenanigan’s played and it’s hard to do anything about it). So, I thought before any of the highest and best offer game kicked on (this was about a week or so before the seller’s had dropped the price) that we could get the house for around $350,000. The buyer’s waited. It’s summer and they had something to do that weekend yada, yada, yada. What happens? The seller’s lower the price from $385,000 to…..$350,000!–exactly what I thought they could get the house for (damn I’m good!)…BUT now the vultures have circled and the bidding war had begun! What to bid…what to bid…let’s just say we went in slightly over asking (you only get one shot!) and well, THEY GOT IT! We’re not out of the woods yet, but the contract is almost out of attorney review and the mortgage is being set up. More on the deal to follow…

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