One of the most exciting and nail-biting experiences in the real estate world is when multiple offers exist. Dealing with a multiple offer situation can be stressful for both the buyer and the seller. Having a REALTOR® assist you throughout this process can alleviate stress and hopefully get you your desired outcome. There are certain practices that REALTORS® follow in a multiple offer situation. See below for a glimpse of how a multiple offer situation is handled.
As a Buyer:
Your REALTOR® will inform you if you are entering into a multiple offer situation. If this is the case, it is best to make your offer as clean and straightforward as possible. That is, the fewer the terms and conditions, the more attractive your offer may be to the seller. Be aware that you do not know what the other parties are offering (it could be full price, below listing price or even above the listing price). Consult with your REALTOR® about what to offer and discuss how important it is that you get this particular home. It is important that you are aware that you are competing and that your offer may or may not be the best on the table. The seller has the right to review all of the offers in a multiple offer situation, and may counter offer, reject your offer or accept your offer. At the end of the day, remain calm, rely on your REALTOR® to guide you through the process and if your offer is not accepted, consider a back-up offer should something change.
As a Seller:
Your REALTOR® will inform you and the respective REALTORS® representing the buyers that you are entering into a multiple offer situation. Usually a specific time will be set as to when to receive the offers. Each offer will be presented to you (often by the REALTOR® representing each buyer) while your representative is beside you. After each offer has been presented, you can consult with your REALTOR® about how you would like to proceed (whether you would like to accept any of the offers, reject or counter-offer). Should you decide to accept one of the offers, you may wish to accept one offer and have your REALTOR® notify the second-choice buyer that you would be prepared to accept a backup offer in the event that your first-choice offer collapses.
Multiple offer situations are both exciting and stressful for the parties involved. Having a REALTOR® guide you through the process will allow you to act calmly and make guided and informed decisions.
For any real estate assistance in the Oakville, Burlington, Milton area contact Mary at firstname.lastname@example.org