Best and Final Offers: How I Run Them for Sellers, and How to Win One as a Buyer
A best and final is when the listing agent asks every buyer who made an offer to send their strongest price and terms (everything else in the offer, like the closing date) by a deadline. On my listings, I recommend one when offers come in at about the same level in a hot market: my sellers see every buyer's best offer, and every buyer gets a fair shot. If you're the buyer, you compete with price where you can and with terms where you can't. |
As of late September 2026, I'm not seeing many best and finals, because fewer homes are getting multiple offers. But if a house does draw a crowd, things move fast. Being asked for your best and final can feel like bidding against offers you can't see. Here's how it works from both sides.
What does "best and final" mean?
It means the seller has more than one offer and is giving each buyer one more chance to improve theirs. You'll also hear it called "highest and best." Each buyer can raise the price, strengthen the terms, or both. Then the seller reviews what comes back and decides.
When should a seller call for a best and final?
When the offers are close, and the market is hot. That's when I recommend one, and it's my sellers' decision. If one offer is clearly better than the rest, there's no need for one.
Once my sellers agree, I reach out to everyone who submitted an offer and set a deadline, like eight o'clock that night, or 24 hours if other buyers are still pulling their offers together. It's more work for me, but it evens the playing field for the buyers.
My message is short: we've received multiple offers. It goes out only with my sellers' OK. I don't share how many offers there are, and I never share what's in them, which wouldn't be in my sellers' interest.
How does the seller choose the winning offer?
My sellers choose based on price, terms, and what's important to them.
It's not my house.
When the offers come back, I send them a written overview of each offer, with the contract paragraphs referenced so they can find everything quickly. Then we get on a call and walk through it.
Price often decides it, but not always. A price can look really good while the terms aren't, or there can be signs that a buyer might not follow through. I help my sellers weigh the trade-offs when they have questions, like the risks and benefits of a longer closing.
One of my listings, from a hotter market, shows how it plays out. It was an interior-unit townhome, listed at $455,000 to get as much attention as possible at launch. We went live on a Thursday night; I held two open houses that weekend with about 20 people through each, and by Sunday we had six offers. Three of them were identical: the same price, over asking, and the same terms. I called all three lenders to confirm the buyers were well qualified, and we called for best and final. One buyer came back higher and got the house. |
How should a seller handle a lowball offer?
My advice is to counter it. I don't get offended by a low offer, and I tell my sellers not to be either. It just means the buyer is looking for a deal, or that's genuinely what they think the house is worth. Either is okay. A counteroffer costs the seller nothing, so we write one and see what the buyer says.
How do you know a house will get multiple offers?
Usually you'll see it coming. If the buyers from the showing before yours are still there when you arrive, and someone else shows up during yours, that's a pretty clear sign. The market in general tells me a lot, too. I hold open houses and talk with other agents about what they're seeing, and busy open houses are a good sign the market is warm.
When we see those signs, we talk about going in with a higher price, stronger terms, or both, before we write your offer. That way a best and final call usually isn't a surprise.
How do you win a best and final offer?
Put your strongest price forward, as far as you're comfortable going, and then make your terms as easy for the seller as you can.
Price has a ceiling, though. If the appraisal (the third-party valuation your lender usually requires) comes in under your price, your lender bases the loan on the appraised value, and you may need cash to cover the difference. Talk to your lender about how far you can go before you raise your number.
An escalation clause lets you go higher only if you need to. It raises your offer automatically to beat other offers by a set amount, up to a cap you choose. I usually advise $1,000 to $2,000 over the next best offer, and the cap has to be a real number. A contract has to have numbers, dates, caps, and limits.
Say you're neck and neck with other buyers on price. Then we get into terms. I talk to the listing agent as much as I can to find out what matters most to the seller:
A quick closing, if they want their money sooner.
A rent-back, where the seller stays in the house for a while after closing, if they need time to find their next home.
A shorter inspection deadline, if they're nervous about the inspections, so that part gets done sooner.
If the listing agent can't share much, I use my best judgment to strengthen your offer through terms, while still doing what's best for you. Part of doing what's best for you is helping you get this house.
Have your lender ready, too. I connect you with a local lender before we start, because on tight deadlines and tight negotiations, everyone on your team needs to make your deal a priority.
What should you do next?
Call me early, before you list or before you make an offer. If you're buying, we'll get your pre-approval in place with a local lender before any deadline.
We'll plan up front: the pricing strategy if you're selling, or how far you'll go on price and which terms you can offer if you're buying.
At the deadline, I lay out your choices in plain language, and you make the call.
Frequently asked questions
What does best and final offer mean in real estate?
It's a request from the listing agent for every buyer who made an offer to submit their strongest price and terms by a deadline, usually because the seller has more than one offer. It's also called "highest and best." Then the seller reviews the offers and decides.
How do you win a best and final offer?
Offer the strongest price you're comfortable with, keeping the appraisal in mind, then make your terms easy for the seller: a closing date that suits them, a rent back if they need time, or a shorter inspection deadline. Your agent should find out from the listing agent what matters most to the seller. Before you raise your price, talk to your lender.
How much over asking should you offer in a best and final?
There's no formula. It depends on the house, the competition, and how far above the likely appraisal you're willing to go, since your loan is based on the appraised value if it comes in under your price. If you use an escalation clause, give it a firm cap. Talk to your lender before you set a number.
Does the highest offer always win?
Not always. It often comes down to price, but a high price can come with weak terms, and a seller may prefer a buyer who's more likely to close. On my listings, the sellers decide, after I walk them through every offer's price and terms.
Will the listing agent tell you how many offers there are?
Not necessarily. When I'm the listing agent, I don't share how many offers there are, and I never share what's in them. With my sellers' OK, I tell buyers only that we've received multiple offers.
Know how it works before the deadline
Once you know how a best and final works, you can put your strongest offer forward as a buyer, or choose the right offer as a seller, with the facts in front of you.
Whether you're buying or selling, call me at (540) 359-5539.
You can also see how I work with buyers or how I work with sellers. I work across Northern Virginia, including Ashburn and Warrenton.
Anthony Constable is a RE/MAX Gateway agent serving buyers and sellers across Northern Virginia as Constable Real Estate. He came to real estate from a career in construction and project management, and he was named Rookie of the Year out of about 130 agents in his office.
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