Buy now or best offer

What does 'buy now or best offer' mean?  If the 'buy now' price is $150 and my bid of $100 is the highest, does that mean I win the item?

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You place the best offer of the amount you are willing to pay and IF the seller is happy with your offer they can accept it.

BUT if you place your offer and it is sent to the seller to consider and then another member sends an offer that is more than yours then they might accept the higher offer thus ending yours as not accepted.

Some sellers have the setting to decline if the offer is under a certain amount they are not interested in.