What does “highest and best” mean?

Desirable properties may get several offers. If so, the seller may give all the buyers making offers a specific deadline to come up with their “highest and best” offer. The buyer then has the opportunity to raise their offer, or keep their original offer. In “highest and best” situations, typically the final sales price/highest bidder will be close to full price or more than full price, and cash will be preferred.

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