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.