highest and best

“Watch This Space”: “Agent Remarks” in the Age of Multiple Offers

Overwhelmed Listing Agents Improvise to Communicate with Buyers’ Agents Once upon a time, the “Agent Remarks” field on MLS was used to supplement the marketing verbiage in the “Public Remarks” field.** That is, if it was used at all — listing agents (representing Sellers) often simply copied-and-pasted their Public Remarks into Agent Remarks. Now? Especially...
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Dream Kitchen? Not Exactly. But Dream PRICE

How to Decipher the Condition of a Foreclosure (at Least in St. Louis Park) Without Actually Going Inside “Sold As Is. Great rambler in the most desired SLP location, minutes to Uptown, Southdale, shopping, etc. Needs work. Highest and best due by Friday October 11th at noon. As Is Addendum required. See supps, escrow required by...
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New Name for "Highest and Best"

Realtor-Speak for “Cut to the Chase” Once upon a time, “highest and best offer” meant that everyone interested in a particular property — often a foreclosure — had to “cut to the chase” and (re)submit their highest offer, combined with their best terms (closing date, financing terms, inspection contingency, etc.). Then, the Seller would pick...
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"Highest & Best" — Games & Abuses

The “Highest-and-Best, I-Really-Mean-it-This-Time” Offer I’ve previously blogged about the practice of “highest and best” offers (“Highest and Best, Explained.“) Typically used by banks selling foreclosures, “highest and best” is a way to efficiently sort out multiple offers and identify a winning bidder. Implicit in “highest and best” is a quid pro quo between the bank...
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"Highest & Best," Explained

Multiple Offer “Rules of Engagement”:Highest (Offer) & Best (Terms) Careful readers of MLS listings these days will notice more references to the phrase “highest and best” — as in “highest and best offers due by noon, Tuesday.” What exactly is the listing agent talking about? Two things. First, multiple offers have been received for the...
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