What's the Deal with Multiple Offers? All You Need to Know!

I love when I get to answer questions from my clients, especially when it comes to the current real estate market. Ok, maybe the current market has shifted slightly but, yes, we are still seeing multiple offers.

Stay with me while I answer some questions directly from a client –

1. What are multiple offers? Simply put, you get to look at more than one offer on your home at a time. Multiple offers mean just that – either organically more than one buyer would send an offer to you to consider at one time or your agent would ‘hold offers’ for a number of days after you’ve put your house on the market. As a result, on offer night, you may have one or more buyers present an offer at the same time.

2. Do the buyers know what the other buyers are offering? Your agent should not disclose what the contents of each offer is, this keeps it fair and above board for all parties.

3. Does the Seller get a given amount of time to hold all offers? If your home is listed with an offer date, you are open to offers at a specific time and date. For instance, if holding offers on Monday at 7:00 PM, buyers need to submit their offers with an irrevocable deadline, or deadline to consider by, let’s say 10:00 PM that same night. After 10:00 PM the offers you are not choosing are no longer valid.

4. Can the seller hold offers from other buyers while making a counteroffer to the offer they are most interested in? If you receive multiple offers, you might face a decision between two similar top offers. One offer could have conditions but a slightly higher price, while the other has no conditions but a slightly lower price. You can sign back the slightly lower offer and ask if they can increase their price within the irrevocable time period. This way you could potentially get a higher price with no conditions and sell your home that night, pending the receipt of the deposit.

It's my hope that this clarifies the mystery of multiple offers, should you find yourself considering a property where they are either holding offers or they have listed a little on the low side to generate multiple offers organically. Either way, I am always open to a conversation about buying or selling a home, reach out to me today! #MultipleOffers #EducatingBuyers #OakvilleRealEstate #OakvilleRealtor