Definition
A request from the seller asking you to submit your highest offer knowing no further negotiations will occur. This signals the seller wants to end negotiations quickly.
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In multiple-offer situations, sellers often request best and final offers to determine the true value of competing bids and close a deal quickly. When responding to a best and final request, buyers should carefully consider their maximum price and offer their strongest terms. These situations require buyers to decide whether to compete aggressively or walk away from the negotiation.
Pro Tip
In a best-and-final situation, include your strongest offer and most favorable terms. This may be your only chance to win.
Example
After receiving three offers, the seller requested best and final offers within 24 hours, and the successful buyer increased her offer to $465,000 with fewer contingencies.