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 - Third Brush Generators - by Chris Pratt. While I love straightening sheet metal, cleaning, and painting old tractors, I use every excuse to avoid working on the on the electrics. I find the whole process sheer mystery. I have picked up and attempted to read every auto and farm electrics book with no improvement in the situation. They all seem to start with a chapter entitled "Theory of Electricity". After a few paragraphs I usually close the book and go back to banging out dents. A good friend and I were recently discussing our tractor electrical systems when he stated "I figure it all comes back to applying Ohms Law". At this point
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