I like the "best and final offer" process, it reduce the time and energy on the dreaded back and forth negotiation between multiple parties.
But a lot of times, the buyer's "best and final offer" is not really their best and final offer. Buyer often hold back a little, wish they can save few grand and still get the house. However USC really prep the buyer with this and tell all the buyers that this is really the best and final offer and no offers will be accepted after the deadline even if it is higher.
USC done a great job when he sold my house. You should offer the maximum amount you are comfortable with and not penny more, USC said to one of the buyer regarding best and final offer and that particular buyer, he's best and final offer was $50k+ over my asking price.