I made an offer on an item for sale that was advertised as "$20,000 or best offer." Someone offer a higher amount ($18,750) which was more than my original offer of $11,000 The Seller came back to me and asked if I wanted to make a counter-bid. So I said I would give the asking price of $20,000 Now the seller said that he was planning to go to the person who originally offered $18,750 to see if he would top my counter-bid and offer more than $20,000 I do not think this is right. The way I understand OBO is who ever gives the asking price first "wins" the item. The ad did not say, "$20,000 or highest offer." What say you? Thanks.
If there is an offer for more than $20K then that is the best offer, There is no ceiling on best offer and you cannot force someone to sell something to you if they have a better offer.
I don't think there is an iron clad law or case decision on "or best offer"
But I think plain meanings of the words BEST would apply.
An offer of $20,500 compared to an offer of $20,000 is best using the plain meaning doctrine of contract law.
You are tying, by using the word HIGHEST, to imply that no offer above $20,000 could ever be considered BEST. But the plain meaning of BEST puts your position to rest, in my opinion. Nor does your attempt to insert FIRST into the equation or definition work either. The OBO concept does not have a time limit to it.
That is how I would argue the matter to a judge.
Stephen Samuel MessuttaReal Estate AttorneyWilmette, IL ·
Best is qualitative; highest is quantitative. However the real question is whether the seller ever specified whether $20,000 was going to win. If so and so can prove it and that you met seller's terms, you may have a case of what it would cost you to get the item from someone else at a higher price or, if the item is unique, the possibility of specific performance. But now we're talking costly litigation. When I've confronted sellers like this my usual response is that my offer is good for immediate acceptance or is deemed withdrawn.
