From time to time, an offer on a property may be competing with other offers. When the seller receives more than one offer, they have several choices:
1. Sign back to negotiate the best offer
2. Return all offers back to the buyers and request to improve
3. Accept one offer and let the others expire.
When competing with other offers, it is important to consider your bargaining strategy. It is vital to consider removing any conditions you are willing to forgo in order to make the offer more appealing and less cumbersome to the Seller. Be cautious of removing the financing condition without final approval from your mortgage lender.
The Real Estate Business and Brokers Act mandates a code of ethics that protect all parties in this case. No information regarding price, timing, conditions or any terms of the offer are disclosed between parties. No party will know with the exception of the seller and the Seller’s Real Estate Professional, the facts pertaining to competing offers.
Competing Buyer Real Estate Professionals will not be privy to the final sale price until the offer becomes firm and it is reported to the local real estate board.
REALTOR®, REALTORS®, and the REALTOR® logo are certification marks that are owned by REALTOR® Canada Inc. and licensed exclusively to The Canadian Real Estate Association (CREA). These certification marks identify real estate professionals who are members of CREA and who must abide by CREA's By-Laws, Rules and the REALTOR® Code. The MLS® trademark and the MLS® logo are owned by CREA and identify the quality of services provided by real estate professionals who are members of CREA.
The trademarks MLS®, Multiple Listing Service®, and the associated logos identify professional services rendered by REALTOR® members of CREA to effect the purchase, sale and lease of real estate as part of a cooperative selling system.