Question:
“I made an offer on a home and was one of three offers. The seller made a counter offer and asked everyone to submit the highest price they’d pay. After we did, the seller asked us to go higher. This all sounds a little iffy. Don’t they have to take the highest offer, or do they have the right to keep trying to get everyone up?”
Answer:
Great question.
First of all, when the seller asked everyone to submit their highest offer, that’s called requesting “highest and best.”
Assuming they wrote their counter-offer correctly, they don’t have to accept any of the responses, no matter how high the prices are, and can keep asking people to go higher.
I know as someone trying to buy a home that can be exasperating.
Fortunately, the seller will usually accept the highest offer.
And a seller who appears to get too “greedy” can turn off buyers to the point that they decide not to buy the home. I’ve even seen it happen that they end up losing all the buyers and getting no offers.
