I put an offer on a home but lost out to another offer!
This sound familiar?
As the market continues to attract many buyers including many first-time owners, the question continues to pop up about what we can and cannot disclose in regards to a bidding war.
What is a bidding war? Sometimes referred to as "multiple offers" or "competing offers" is when a property listed for sale is presented with more than one offer at the same time, meaning if you really want the home, you'll have to have the best offer on the table.
There are always questions as to what is a "best offer".
Sometimes the "best" offer is not necessarily the best in terms of the monetary value, but can also include the other terms and conditions listed in the agreement of purchase and sale. Often times, a closing date, conditions on inspections and mortgage approvals can affect if your offer is a winner when you're going to war.
In a scenario when multiple offers are registered on a property, only the seller and the listing agent are privy to the offers and the only information that is required to be shared with the buyers and buyers' agents are the number of offers on the property. You won't be able to find out the amount of the offer or what terms and conditions were presented. You're left in the dark and will have to rely on your agents expertise, knowledge and negotiation experience to give you a good shot of being the winner of the war.
If you've signed an offer and ultimately lost out, you'll often be left wondering why and only when the transaction closes or becomes a firm deal will you be able to know the price that ultimately bought the home.
In short, it can be a stressful process, but a highly skilled agent on your side can help you immensely in ensuring your offer will be competitive and also be able to educate you to ensure you're not over-paying for the home just to simply win the war.
This topic has been a recent hot topic for our team and clients as one of our recent buyer purchases and our two most recent listings were all presented with multiple offers which resulted in selling the homes for record prices, in record times, all over asking price. For your reference and curiosity, you may view those listings by clicking the following links: 953 Whewell Trail and 471 McJannett Avenue.
If you're thinking of buying a home, but are worried about the possibility of being caught up in a situation where your offer isn't the only one, don't worry, if you and your agent play the cards right, you should be able to walk away the winner and if you didn't, it likely wasn't meant to be.
Considering to purchase or sell a home? Send us a text, email, message on social media or call us today for free information on our promotions and programs that help you get the most for your money!
Ariel Kormendy: 647.464.0957 (Direct) Sales Representative
Adrian Trott: 416.707.8401 (Direct) Sales Representative
Brokerage Independently Owned & Operated
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