Prescott Arizona Area Foreclosure News

If you’ve purchased properties in Prescott when it has been a seller’s market, you probably encountered situations where a multiple counter offer form was used by sellers to get the best price for their homes.  Banks’ assets managers  use a similar process that is used in the public sector procurement process called the “Best and Final Offer.”

After the initial evaluation of offers, the asset manager may choose to negotiate further with offerors determined to be reasonably qualified to purchase the property.  Best and final offers are usually requested when offers submitted are unclear or have minor deficiencies, when additional information is needed in order to make a decision, or when all offers are too low.

Best and Final Offer Flowchart - Click for Larger View

Best and final offers can be evaluated as an adjustment to the scores already awarded by the asset manager, or new evaluation criteria can be established based entirely on the best and final submission. 

After receiving best and final offers, the asset manager may conduct additional negotiations with some or all of the offerors.  If an offeror does not submit a best and final offer, its immediate previous offer will be considered as its best and final offer.

If you are asked to make a best and final offer in the Prescott AZ area, work with your foreclosure specialist to put an offer together that will win the deal. 

See more tips on writing winning offers:

Top 10 tips to win the REO multiple offer game

Want to lose a REO deal?  Write the contract in legalese

Why are REO homes priced all over the place?

And from posts nationwide:

How to Get More of Your REO Offers Accepted

Sonoma County REO – To Overbid or not to Overbid 

21 Ways to Help Your REO Offer Get  Accepted

For more information on how to tackle REO and short sales market in the Prescott area, please contact me.  Patrick Schutte, Certified Foreclosure Specialist, 928-710-1717.