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 - What Oil Should I Use? - by Francis Robinson. I keep seein this question pop up over and over again in discussion groups all over the web. As with many things there are often several right answers and a few wrong ones. Some purist I'm sure will disagree to no end with what I will tell you but most of us out here in the real world don't really care do we ? Some of them only bring their noses down out of the air long enough to look down them anyway. If you are like me you are only doing this old tractor stuff because you enjoy it. You
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