A best and final offer (BAFO) represents the last opportunity for buyers to make their most competitive bid before a seller makes a decision. It typically arises in situations with multiple interested parties. Unlike initial offers that allow negotiations, BAFOs showcase the highest price and best terms buyers are willing to propose. By submitting a BAFO, buyers communicate that their current offer is final and that they will not increase it further. This process is also common outside the real estate market, including auctions and various business negotiations.
A best and final offer (BAFO) is exactly what it sounds like: your last chance to make the strongest possible bid before the seller chooses an offer. It typically comes into play in multiple-offer situations, where several buyers are interested in the same property.
Unlike an initial offer, which may leave room for negotiation, a best and final offer is meant to reflect the maximum price and best terms you're willing to offer-including contingencies, closing timeline, and financing details. It tells the seller, 'This is my top offer, and I won't go higher.'
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