Best and final offer

Yes. Best and final usually means that they have a few offers at asking or above asking. If you're really interested in the apt., bid as much as you would be willing to pay. Obviously look at comps to inform your decision.

I wonder if all of the initial birders will bid or some will drop out. There were Several offers.

I meant bidders.

that doesn't matter. in either case, you need to bid the absolute highest amount you are comfortable with such that if you win, you don't feel like you overpaid and if you lose, you don't feel like you have regrets.

The best and final typically means that the seller won't counter offer any more, or won't contact you again. Of course, nothing is 100% -- they could have something fall through, and contact you months later. However, I'd say this doesn't happen too often. Like others said, it "should" be the highest you feel comfortable with. If it's just out of the question, you probably won't get a response from the seller. It USUALLY is the end of negotiations. But there are always caveats possible (maybe they don't take out the wall-to-wall carpeting you demanded be removed). It also depends on the market, IMO. these days, with the way the market, asking prices, and inventory is, the initial offer very well end up being the best and final.

:-)

It's also use as a ploy to get your bid up.

Yes, I agree. I'm sure many people who are familiar with purchasing have had the experience of going back and forth for a bit, finally asked for a best and final, with the only objective being something slightly higher than their last bid.

"Best and Final Offer" means nothing in and of itself. It could be a genuine final call for bidders to get the property, or merely an attempt at positioning. If the only all-cash offer comes in after 'best and final', for instance, and is close to the current leading offer, why wouldn't the seller allow this person to take another shot? Is a seller obligated to take the highest bid after noting 'best and final?' .. of course not. As with most things, it's case by case.

It means absolutely nothing. You should pay what you think is a fair price for the apartment, regardless of whether there are bidding wars, cold wars, or cold sores. With respect to just about every apartment I have ever put an offer on I was told to make a best and final offer. I do not need a broker to tell me when to lay the cards on the table. When I have a take it or leave it offer, I am sure to let everyone know.

It means they are mad at you.

OP, best to ignore someone like Guywithcat.

def case by case, and def dangerous for a seller/seller broker to take this path if they dont have the offers to substantiate this strategy. In the end, its an attempt to put some organization in an otherwise chaotic situation. Imagine there are 2-3+ qualified offers at or above ask. Going back n forth privately with all 3 or more offers at the same time and keeping all parties apprised of the changing situation is tricky and can end badly if one or more of the buyers bails because they think a "game" is being played. Its simply a way to add stability to the process, give everyone a fair chance to put their best foot forward, and in the end to give the selected bid a chance to produce a signed contract in a reasonable period of time. In the end, the seller needs a signed contract/deposit from someone.

Buyer should bid the highest # they r comfortable with given their financial situation and the property. Typically, a buyer will not put their best foot forward right away and will expect to have a private negotiation. Today's market is different in that buyers for desirable/well priced property are putting in their first offers and then getting the response: "Thank you for your offer. We currently have multiple offers in and will hold a best n final on x day at y time". if they r serious and motivated, and they lose a few desired properties they will approach the next one with a bit more aggressiveness.

The seller can take whatever offer they deem best in their minds. That may or may not be the highest bid. In my experience, you dont call for one of these situations unless u have multiple acceptable/qualified offers at or above ask already. Hope this helps.

best and final means just that--
the best offer by the best qalified will get the apt.
only a "slimy' broker uses it as a ploy to get a prie up.
i am a broker---and NEVER would do that.
It is a legitimate way to solve a bidding war---of whih there are many right now.

Isn't the selling broker's job to get the best price and terms for the seller?