When “highest and best” backfires

It is true that homes in St. Paul sell quickly. There are certain types of houses and price ranges and neighborhoods that are particularly attractive to first time home buyers.

A couple of weeks ago I showed 10 houses to some buyers on the weekend and by the following Wednesday, all of them had offers on them except for that one overpriced house.

As I was making appointments to see the houses with the buyers they would get offers before we could see them. I was able to find some substitutes that had just come on the market.

Sometimes I would get an email before a showing advising me that the house had offers on it and that the highest and best offer is due in a day or in a few hours.

Generally, buyers do not want to see houses that already have offers on them and most like a little time to think about making an offer after they see a house.

Most buyers do not go out of there way to make an offer on a house that already has multiple offers on it.

Every now and then I notice that someone lists a house and sets a deadline for the highest and best offer when they have no offers.

I found this in the comments of one listing: “Highest and best due by 8 pm Saturday 4/6/19”. The house is still on the market and the comment likely scared away some interested parties, before and on April 6th.

It isn’t a good idea to give a deadline and ask for highest and best offers when there are no offers. The strategy doesn’t generate offers and actually makes it look like there is something wrong with the property. Maybe there was an offer that fell through? Why is the house still on the market after the deadline?

The house can only be sold once and as I have mentioned in previous posts often the multiple offers are almost identical to one another.

Print Friendly, PDF & Email