I have heard those words from my Realtor several times over the past few weeks as I have been submitting offers on bank owned properties.

“Ross, they are asking for highest and best.”

That is usually how our conversations start.  I will be the first to admit that it is getting a little frustrating and my wife is starting to pull her hair out as she exclaims “Are you ever going to get a property?”

I look at it a little differently and want to convey my thoughts because I think it is good news.

When I hear highest and best, I no longer think “well, I am most likely going to lose out on another.”

I think…”Everyone says the economy is terrible and that no one is making any money, you better tell that to the investors who keep buying all these properties!”

I do lose out because I am looking for the home run, I do not want a property with small margins…I want a property that has a guaranteed return!  That is why all of my highest and best offers have not been high enough.

When you get down and start asking yourself if anyone is making money in real estate, all you have to do is be making a few offers a week (which you should be doing) and you will quickly see that there are a lot of people out there making money in real estate.

These people are not the “guru’s” on the internet we always turn to for information, these folks are the real deal.  They are out in the real world making real offers and buying real property to fix and flip!

so the next time you hear your Realtor tell you “The bank has come back and is asking for highest and best”.  Don’t put your head down, smile and realize that you are taking action and that accepted offer will come shortly.  Just keep making offers!

I hope you have a great holiday and enjoy time with your family and friends!

Cheers,

Ross Treakle