Katherine, "best and final offer" or â€œHighest and Bestâ€ as noted below usually comes into play when there are multiple offers. This a way to get everyone to their higest price to select a winner of the bidding for the house.
O.k.. that is what they want you to hear. But, in reality the terms above are made up to get everyone, all the bids, up to one supposed final number. Yeah, right. There is no highest and best.
The highest and best will be the final highest bid for the house. If you STILL want the houseâ€¦ BID AGAIN! The offer has to be presented. The seller cares about getting the most for the house. Period. Not some made up game called highest and best.
If you lose the highest and best and you WANT the house? Go again and tell the listing agent you want to make another higher offer. I have seen people state, whatever you have as an offer I will pay $5000.00 more. Realistically, the $5000. Over 30 years is pretty low for the buyer, but $5000 for the seller.
Comfort level? It depends on how much you want the house and what you want to pay for it.