Today's on the market you’re working in, multiple offer scenarios can vary greatly. In some cities multiple offers may dictate a home selling for $20,000, $30,000 and even more than $100,000 above asking price, whereas in another city, multiple offers may generally only see a home selling for a few thousand over asking.
Working as a Realtor Serving Aurora, Newmarket, Toronto I have been involved with many Multiple offer situations where In many cases we can do a reasonable job at predicting how a multiple offer situation may unfold. For example, some markets may dictate a general rule that for every additional offer the price will rise $5,000 to $7,000, so we can guesstimate what a winning offer may look like. In addition to price, some buyers are encouraged to waive home inspections, financing conditions, etc.
Although most agents would probably agree that this is not ideal for our clients, sometimes it is necessary. If you encourage this approach, make sure your clients fully understand the potential ramifications and definitely ensure their finances are in order ahead of time.