Highest and Best Offer

by Teryn on November 1, 2015


Is the “Highest and Best” tactic a good way to negotiate a multiple offer situation?

This is when an agent says “Instead of my seller writing counter offers, please have your buyer submit his highest and best offer.”

So, keep in mind the buyer has already submitted an offer.  Most often all of the offers are pretty much the same but the thinking is that buyers will go crazy and blindly start throwing more money at the table. (Plus the agent doesn’t have to write up numerous counter offers which takes time.)

The risk, however, is on the seller. Some buyers will walk as they don’t want to play this type of “game” and then the seller might end up left with the worse offer in the bunch or possibly no offer at all. Another risk is that the seller will leave money on the table.

Here’s a true story of a seller shooting himself in the foot. The buyer had submitted an offer on a house he really liked. That same buyer was willing to go up another $10,000 if the seller countered back. So when the response was “have your buyer submit his highest and best” the buyer was unhappy enough that he wanted to walk away from the property. Instead, it was recommended that the buyer respond with something as there was no other information other than his terms were better than the other offers and it sounded like all the other offers were the same amount anyway.

So the buyer responded by increasing his offer by $100.

Guess who got the house and who lost out on $9,900?

Moral of the story: Your real estate agent should have credible negotiation education and experience. Start by asking what negotiation designation she has.  If it’s not the CNE or the MCNE designation, ask why. Ask what the last three negotiation books the agent has read in the last year.

Your hard earned money is at stake. You might as well hire someone who will do the job really, really well.

To learn more about this designation, visit http://negotiationexpertise.com/about-us/instructors/teryn-bonime/

By the way, I’d be happy to share with you a list of questions to ask a REALTOR during an interview.  (And I do mean hire a REALTOR, not a real estate agent. A REALTOR is bound by a higher Code of Ethics and Standards of Practice while an agent simply means they are licensed.)

Don’t hesitate to call me about any of your real estate questions. Either as your buyer’s agent and/or your listing agent, I’m on watch for you!

Photo courtesy of Dillon Scheps



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Top 5 Things to Do in Ventura

by Teryn on August 27, 2015


There are SO many incredible things to do in Ventura. Here’s a short list for a fun weekend.

1. Browse downtown shops. There is a big free parking structure on the corner of Santa Clara Street and California Avenue, as well as behind the Bank of America building on Main Street and California Avenue (up towards City Hall). On the West side of Main Street, you’ll find all the thrift stores. (The Farmers Market is on Saturdays.)

2. There are quite a few restaurants on try on Main Street. My favorites are Rice (Thai), Nature’s Grill & Juice Bar (vegetarian), Il Forno Trattoria (pizza & salads) and Ventiki Tiki Lounge and Lanai (best Mai Tai ever).

Other terrific restaurants in the area are Spasso’s (beachside Italian), Taqueria Cuernavaca (off “the Avenue” Mexican), Spencer Makenzie’s Fish Company (best fish tacos ever), Prime (fancy steakhouse), Rhumb Line (waterfront), Brophy Brothers (harborside) and Ventiki Tiki Lounge and Lanai (best Mai Tai ever).

3. Wander around the harbor and check out the beautiful boats. The beaches on the opposite are not crowded and you can watch the boats go in and out of the harbor. Rent a little boat and putt around The Keys.

4. Ride the Rincon Bike Trail on the new path that goes from the State Park near the Marriott all the way to Rincon Beach! (Takes about 45 minutes.) On your way back, stop at the Cliff House Inn on Mussel Shoals for a drink or a bite and relax while enjoying an amazing ocean view.

5. If you are into hiking, there is the Botanic Gardens behind City Hall or walk up to the Serra Cross Park for another stunning view of America’s most beautiful city!

Nothing on your list grabbed you? Well, a few other options include bowling, taking in a downtown movie, ice skating rinks, putt-putt golfing, tennis, golf, car racing, horse betting, swimming and surfing.

Ventura is Southern California’s best kept secret. Everyone gets on that highway and passes right by us. So, mum’s the word. Let’s keep it our perfect little secret!

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3 Tips to Reviving Your Kitchen

May 19, 2015

Are you ready for a kitchen upgrade but lacking an everything-but-the-kitchen-sink kind of budget? Plenty of low-cost improvements can revive a kitchen without the need to rip out cabinets and rewire appliances. Consider these tips from This Old House and HGTV. Color Splash: With a new coat of paint and some other accents, you might [...]

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March 25, 2015

by Teryn Bonime www.teryndowntheroad.com There are buyers who believe that they will get a better deal if they have the agent who represents the seller write their purchase offer. Here is one financial reason why this may not be true. There are many terms agreed upon when a Seller and a Listing Agent execute a Listing [...]

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Finding a Place to Rent in the Ventura Area

February 25, 2015

by Teryn Bonime www.teryndowntheroad.com Because I work with so many investors and need to know the rental market, I keep an eye on the rental prices and inventory in the local areas. It’s never been easy finding a rental in this area but here is a very general article that may shed some light. In my [...]

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The Value of Using a Real Estate Agent

February 24, 2015

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Looking for An Experienced Real Estate Agent

January 22, 2015

Here is a question I am often asked: How many homes have you bought and sold? In my career as a realtor, I have helped clients buy and sell hundreds of homes. As part of wealth building, I’ve also counseled clients on holding onto their property. Plus, over the course of many, many years my [...]

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Deck the Halls

November 13, 2014

It’s the most wonderful time of the year: Time to pick out the tree and haul ornament-filled boxes from the attic. But, the next open house you have won’t be for your dear friends — it will be for potential buyers. Stay festive without crossing the line with these Frontdoor.com tips. Your yard and front [...]

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New Homeowner DIY Tips

November 6, 2014

Buying a home for the first time  is a huge step. But learning to maintain and improve it can be both painful and rewarding. The do-it-yourself experts at The Family Handyman (www.familyhandyman.com) offer the following tips for maintaining your home that will save you money down the road. Create a homeowner’s journal. Keep insurance papers, [...]

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Out Cold

October 30, 2014

Before the hustle and bustle of the holiday season sets in, add winter-proofing chores to your home to-do list. Protect your home from winter’s woes with these tips from RealEstate.com. Heating Basics Replace old thermostats with programmable ones that allow you to lower the temperature when you’re away from home. Turn on your furnace to [...]

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