“Highest and best” is a term used by sellers, usually banks, to signify that they have multiple bids on a property and would like all potential buyers to submit their highest and best offers. The idea is that you give them your best final offer, and then they make a decision based on the offers they receive.
- Highest and best should not scare you if you know your numbers.
- Highest and best does not always mean multiple bidders.
- Sometimes you can lower your bid.
- There are other fish in the sea.
The bottom line is that “highest and best” is a request from the seller. Never let it intimidate you, and always stick to your numbers.