Can seller’s agent ask for "Best and highest offer" and disclose current highest offer to all parties. when only one offer came in over asking price? All others were below..
We Live in Illinois and made an offer on an Illinois MLS listed property that was owned by 'Secretary of Veterans Affairs' and listed through a local Agent. We were made aware that there may be other offers, so we went over.
Our offer was $5000 over asking price. Our Buyers agent was informed today that the seller has requested their Agent to do a 'Best and Highest' request and to include all 6 parties that made offers even though the other 5 were below asking price.
My Agent was also told that our offer was the only one over asking so we could still end up with the accepted offer in the end. Seller’s agent also disclosed that the next closest offer was 10,000 below asking. What i do not understand is, the Sellers agent said they are disclosing to all parties what the current highest offer is, and so they can decide if they want to re-do their offers.
Is this acceptable practice?
This is the first time our agent has been involved in a sale with a Govt. property holder.
1 Answer from Attorneys
Very typical in VA sale of foreclosed VA home loans.