Multiple offers in Vancouver Real Estate
Since 2015 we have been experiencing a short supply of listings and massive demand for condos and detached homes. This has been causing prices to rise at an alarming rate (almost daily) and has been the source of frustration for many buyers in Vancouver.
So, when you find yourself in a multiple offer situation here are the different directions it can go.
- Typically most Realtors look at offers on a Monday or Tuesday in the early evening
- A time of 6 is usually set for offers to come in. That means they will be coming in until 7… Yes, everyone is always late
- Some Realtors will have offers presented in person to the seller by your agent representing you
- Some will ask by email only
- After all the offers are in. The selling Realtor will then review with the owners of the property.
- They will look at price, deposits, closing dates, terms/conditions/subjects
- At this point a few things can happen:
- They can accept one offer (very rare)
- They can reject all offers
- They can narrow down the best offers for another round
- They can counter one offer (typically the one with the best terms and conditions)
Accepting one offer
Although very rare some sellers will simply accept an offer if they deem it to be great. Always put your best foot forward and hopefully you are the winner! Don’t count on this happening but it does every now and then.
Rejecting all offers
Sometimes a sellers expectation can be too high. This can cause the seller to say no to all offers and frustrate all the Realtors representing their buyers. I blame this on a poor pricing tactic by the selling Real Estate Agent as they priced too low and offers came in around that price. Make sure your Realtors price and market your home to the fullest in any market!
To see about the proper marketing read up on how it can be done! Marketing your home
Narrowing down for another round
If there are several offers you will usually find that a few are subject free and a few are not. The ones that are subject free will get a shot at round 2. The selling Realtors will call the buying Realtors back and say something along the lines of “I am sending your offer back if you want to make any changes”. That is Realtor talk for “do you want to give us more money”.
You will now have the chance to change price, fix dates or even clean up your contract even more. The selling Real Estate Agent will give everyone a new timeline to get the offers back for final review.
Once you have made changes to your offer you can re-submit and anxiously await the results. Hopefully you are the victor!
Countering one offer
If one offer is a stand out you may be the lucky one to get a counter offer. This usually means you have the best terms (subject free) compared to any other offer and your price is almost there. This means your Real Estate Agent has done their job and made your offer the most attractive even though price was not the best at this point. Your terms and conditions, dates and everything else were perfect. At this point the ball is in your court and the home is yours if you want it!
However, act quickly as other agents may be scrambling and coming up in price even though they have been told they have lost. Your offer can be revoked…. Want to know what it means to have your offer revoked? Read up on the worst possible scenario… revoking an offer!
Unfortunately in Vancouver and in B.C there is no real system in place for multiple offers and anything can happen.
In Alberta the managing broker sees all offers
In Ontario there is an online registration system
In BC – we just hope the other Realtor has experience, knows what they are doing and is not lying to anyone. Some agents run there business on representing the buyer and seller, doubling their payday and in essence wasting everyones time as nobody ever had a chance.
Want to win in multiple offers? Here are some tips and tricks!
As a Vancouver Realtor specializing in Vancouver, West Side, North Vancouver and East Vancouver and with over a decade of Real Estate experience I can put you in the best possible position to win in multiple offers and secure your dream home or investment.
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