Is it always about the highest bid?
It is not always the highest offer that sellers choose, contrary to popular belief. There have been many cases where the successful buyer was not the highest bidder in a best and final offer.
A variety of factors can influence a seller's decision, such as timeframes, the buyer's position and ability to proceed, or how they're financing the purchase.
Are they legally binding?
Despite not being legally binding in the UK, best and final offers are a respected method of selecting one buyer and proceeding exclusively with them.
Can you counter offer once a best and final offer has been accepted?
Although you technically can counter best and final offers, it isn't advisable since sellers rarely entertain other offers once they choose a buyer.
You may find yourself in this position at some point in the future, and I hope this guide helps you along the way. Even though the selling agent represents the vendor, they are not your enemy - feel free to ask for their advice.
We are always available to answer any property-related questions, even those that aren't about a house we are selling, so please do give us a call if you just need some third-party advice!