Under ordinary contract law, once the seller accepts your "last and best", they should be locked in. But what will probably happen is they will condition their acceptance on being able to entertain higher offers until closing. Are you outraged by that? Fine, they'll say, we'll sell it to someone else. So if you want the place, you've gotta hang in there, because they hold all the cards and set the rules.
The good news is, if you win last and best, they'll know they've got a live one, and I can just about guarantee that if any better offers come in, you will be given an opportunity to beat it. They're "all about the money", and until you eliminate yourself from the bidding, they won't know how much further you will go, an will not want to lose you.
And what's to stop them from sending in a straw man to make that better offer? That might happen with a private seller, but a bank has too much to lose (lawsuits, fraud charges, regulators becoming apoplectic, etc.) to risk it over a few grand more. After all, in the final analysis, its not their money!
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Today's Featured Article - Ford Part Number Trivia - by Forum Participants. "Replaced by" means the part was superseded. All of my part books date back to 1964 and New Holland have changed some part numbers. They usually put the old Ford part number on the package. I was suppressed when I looked up the part number of the auxiliary drive shaft because for some reason the part number went through a radical change and it lost its "Basic Part Number". Ford part numbers follow the following rules. Most part numbers are in three parts. The middle part is called the
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