Record prices in the housing market are easing up, but bidding wars continue in competitive areas. Silly misunderstandings or misinterpretations of real estate language can cost you the house of your dreams and you could find yourself back at square one in your search. Take time to learn key terminology and you may be well on your way to moving into your new home.
There is a distinction between the terms “highest and best” and “best and final,” used to describe the kinds of offers a buyer should know when purchasing a home. Knowing the differences and some tips to help you get the best deal will help you navigate the home buying process. Read on for the definitions — and for insight on the subtleties of each so you won’t lose out on your new home.