It is possible when you are selling the home that you could receive multiple competing offers to purchase your home. There is nothing more satisfying for a seller than a quick sale for more money than your initial asking price. However, all multiple-offer situations are unique. There are many factors that come into play when you receive multiple offers. Here are some things to consider and how to navigate through the multiple offers process in Regina real estate market.
What is a multiple offer situation?
A multiple offer situation is when a seller receives competing offers to purchase their house from more than one buyer at the same time. After all offers are presented to the seller, they have a few options. These include accepting one offer, countering an offer, rejecting offers, or asking for some offers to be resubmitted.
Multiple Offer Process
The multiple offer process is intended to provide fair opportunity to all interested parties to submit their best offer on the house they want to purchase. In most scenarios in Saskatchewan, sellers have 24 hours from the first written offer to consider whether to accept, counter, or decline the offers. Buyers do have the right to know if there are other written offers. This does create competition between the interested parties and they will need to consider how to make their offer the most attractive to the seller. All offers should be submitted on standard MLS® forms and all offers should be revised and considered equally. Verbal offers or offers not made in writing have little weight in these situations.
Reviewing The Offers
When reviewing all offers, you should take a close look at the contingencies. These include the home inspection, mortgage financing, property appraisal, and closing date. You may want to accept the highest price offer but these contingencies could potentially ruin the deal later in the process. Contingencies are riskier for the seller so if an offer has too many contingencies, it may be an easy way to narrow down the offers. After reviewing the offers, sellers can either accept one offer, decline all offers, or counter an offer.
Treating Parties Fairly
It is important all parties are treated fairly in multiple offer situations to avoid problems. It is bad practice to disclose to one party and not the other what price the seller wants, or to disclose another offered amount to a favored buyer for the purpose of having them write a higher offer. Buyers across the board should all have the same information about the sellers and the competing offer situation.
Receiving multiple offers from buyers to purchase your property is exciting but it can be a complicated process. Each multiple offer situation is unique so it is important to work closely with your Regina real estate agent. The real estate agent has so much prior knowledge and information that comes into play when looking at multiple offers side by side that could affect the outcome of the sale at the end.
Contact Me
If you have any questions about the multiple offer process when it comes to your own Regina real estate, please give me a call at 306-552-7047 or fill out my online contact form.
Kelsey Smith Is Regina’s Choice
Choosing the right Realtor® is key to ensure a positive and successful real estate transaction. Kelsey Smith promises to deliver the education and time necessary to buy or sell your Regina home. Call 1-306-552-7047 and rest easy knowing you have made the right choice.