In real estate, a highest and best offer is a request made by sellers who have received multiple offers, asking prospective buyers to submit their most attractive bids by a set deadline. This process allows sellers to select the best offer based on price and favorable terms. Notably, this differs from a best and final offer, which is a one-time submission without subsequent negotiations. Buyers can enhance their chances of winning by presenting a competitive price, minimizing contingencies, and offering flexible closing terms in a market where homes typically receive multiple offers.
A highest and best offer request is made when a seller has received multiple offers and asks buyers to submit their most attractive bids by a specific time.
A "highest and best" offer encourages negotiation while a "best and final" offer allows for only one submission with no further negotiation.
To win a highest and best offer, buyers should offer a competitive price, reduce contingencies, and provide favorable terms like flexibility on closing dates.
In the current market, the average home is receiving nearly three offers before it sells, prompting sellers to request highest and best offers.
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