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Dealing with multiple offers at once

Whether you are a Seller or a Buyer you may be faced with competing, multiple offers affecting the same property. From the seller's perspective, having multiple offers arrive at the same time 'might' be a good thing. From a buyer's perspective, multiple offers are not so desirable.

Sellers will want to be appraised by their listing agent of both the procedure and options that they may have at their disposal. Your listing agent, after being notified of competing offers for your property, will arrange presentation times for those offers in the order (time) that they were received. Once this order has been established and each offer presented, you can consult with your agent as to 'which' if any offer(s) you may want to deal with. Remember, you can deal with as many offers as you wish to maximize your opportunity. Seek clarification on any areas that seem vague.

Each competing offer should be evaluated on its strengths and weaknesses, for example; price offered, terms (completion/possession dates etc.) and what, if any financing may be required by the purchaser. If an offer is conditional on the buyer selling their property, ask for details. Additionally, on the offer form there will be a section stating the time period that the offer is open for acceptance by the Seller. This can range from a few hours to a time the following day. You are now ready to counter the competing offers keeping in mind that price is not always the #1 priority. Ideally, a full or above market offer, with acceptable dates, little or no subject clauses attached, and confirmed financing would be highly desirable!

Whether you are selling or purchasing your first home, Trevor has prepared professional guide booklets outlining each step in the process. Order your FREE booklet on-line today!

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