What Is a Best and Final Offer On Your Home? - Rick & Tracy Ellis
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What Is a Best and Final Offer?

What Is a Best and Final Offer On Your Home?

Home shoppers know it.  It’s the moment it all comes down to.  The offer.  It’s when you lay your cards on the table and tell the seller what you want to pay for their home.  It’s make or break time, and you can either own a home or miss out.  However, you can also end up in a bidding war if you find out that there are other buyers interested in the property.  If you end up in a bidding war, you need to start to prep what’s referred to as your “Best and Final Offer”.  What is a Best and Final Offer, officially?

It’s when the seller is sick of the back and forth, and gives you one shot to beat the other buyer’s offer.  You have to lay out more money, less conditions, and a better overall offer than your competitors.  This should be the most attractive offer that you can possibly make.

Now, just because there is a “Best and Final Offer” request does not mean that you should make an offer that you are not comfortable with. Just the opposite, in fact.  You should never let anyone pressure you onto spending more than you want to on a home.  Extending yourself to try for a better offer has bankrupted buyers since houses started to be sold.

And don’t just think that it’s about money.  A “Best and Final Offer” can include shortening the time to close, removing contingencies, and asking for fewer seller contingencies like the seller paying closing costs or repainting the house.

If you’re ready to buy or sell your home, Rick & Tracy Ellis are ready to make your dream come true.  Call us today at 636-299-3702, email us directly at tracy@tracyellis.com, and visit www.tracyellis.com for more information on buying and selling your home.  You can also listen to the “The Rick and Tracy Ellis Show” every Saturday at 4 p.m. and Sunday at 10 a.m.