Multiple offers? 5 top tips

Having more than one buyer fighting over your home is the ultimate home seller’s dream. 

And clearly, in the Okanagan these days, dreams do come true! How do you get the most out of a multiple-offer situation?

Helping our seller clients through many of these situations lately, we have put together the following tips for handling an offer competition on your home:

Go with the Best: Once again, whether you are a buyer or a seller, this is point No. 1 because this is the most important decision you make.

Choose a realtor or real-estate team experienced in handling multiple offers. Do not leave this to chance – experience counts here more than ever. You need the best information, advice and experience on your side as one false move and you could end up with no offers at all. 

Shop Around: It’s your realtor’s job to ensure all offers are in before entertaining the offers.

Ensure all buyers have had the opportunity to write an offer if they want to get in on the competition.Three offers are better than two, four offers are better than three – and so on.

Examine all the details: It’s not always about the best price. An offer with all cash with no conditions may be more desirable to you than a higher price with many conditions.

There are also many other considerations such as when they want to move in, what they want you to leave and if they want you to wait for them to sell their house first.   

Too Similar? Send Them Back: Sometimes the offers are simply too close to call. They can be coincidentally similar in almost every way. Often the best strategy is to send both offers back to both realtors and ask them to bring back their best offer before a certain time the following day.

Best offers wins.  

Encourage back ups: Once one of the multiple offers is accepted, there is never a guarantee (unless it is an all cash, no subject offer) that conditions will be removed. 

It is always a good idea to approach the second offer(s) to see if those buyers would like to accept an offer in back-up position; if the first offer fails, the second offer is automatically in first position.

This is a great insurance policy. 

All the above advice can and should be given by a realtor or real-estate team experienced in competing in multiple offers. 

Your best chance of success is to have a real professional fighting for you and your home. It’s a fight that is not for the faint of heart.

Want to have a true professional on your side in a potential multiple offer situation? Call the multiple offer professionals at the Salt Fowler Team at RE/MAX Vernon at 250-549-7258 and Just Add Salt.


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About the Author

Lisa Salt is a Vernon born Realtor® who, along with her husband Gord Fowler from Calgary, lead one of the most successful and dynamic real estate teams in the North Okanagan. 

An international clay target shooting champion, Lisa brought the attributes of hard work and diligent focus to the real estate industry to create the success she and her team have today. 

To experience the local knowledge and expertise that only someone born and raised in the Okanagan can offer, call Lisa today and 'Just Add Salt'.

Website link:   http://www.saltfowler.com

Contact e-mail address:  [email protected]


The views expressed are strictly those of the author and not necessarily those of Castanet. Castanet does not warrant the contents.

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