What does ‘highest and best’ offer mean?
When sellers ask for a buyer’s “highest and best” offer, they’re typically trying to spark a bidding war and plan to play potential buyers off one another.
“When I see a seller asking for ‘highest and best,’ I read that as code for the seller wanting a firm final number for price and great terms,” says Melissa Dorman, a real estate broker with Living Room Realty in Portland, OR.
It often also entails accepting a home as is, which leaves little wiggle room for negotiations after an offer is accepted.
What does ‘best and final’ offer mean?
A request for a buyer’s “best and final” offer means the seller wants to move fast and is not interested in prolonged negotiations.
“When I see a seller asking for ‘best and final,’ it means they are not planning on pitting buyers against each other,” Dorman says. “They want to give everyone an equal shot and end—or avoid—the bidding war.”
Learn about the best strategies for getting your offer accepted in both of these situations by reading the rest of the article HERE!
By Kathleen Willcox of REALTOR.COM
