Get NE Best And Final Offer Letter 2017-2024

BAFO as an acronym may refer to: Best And Final Offer, often a part of a Request For Proposal process.

A process requested from one proposer or short-listed proposers for their best price(s) for a specific solicitation prior to determining a contract award. Sometimes used during the Request for Proposals method of procurement.

In real estate, a best and final offer is the prospective buyer's last and highest bid. Initiated by the seller of a property, all remaining parties must submit one last offer that is often not to be negotiated further.

As the seller, you usually ask for the highest and best offer to eliminate negotiations and expedite the deal. It lets buyers know you're looking for only the most serious offers. Conversely, with a best and final offer, you're asking buyers to go above and beyond the competition to convince you to sell to them.

The term is also used in government contracting. An agency will ask bidders to submit their last and final offers to ensure all parties have the ability to submit their most competitive pricing for a job.

This means, essentially, that the seller is asking all interested buyers to submit the most enticing offer they are able to, whether it's a higher price, an all-cash deal or an agreement to waive any contingencies of the sale.

BAFO refers to a multi-stage procurement process, in which Borrowers invite Bidders/Proposers that have submitted substantially responsive Bids/Proposals to submit their Best and Final Offer.