A multiple offer situation is when multiple buyers submit an Offer to Purchase on the same property, at the same time.
It’s the seller who determines the process, including whether they want to disclose the multiple offer situation to potential buyers. If the seller discloses a multiple offer situation, your real estate professional will:
- tell you of the multiple offer situation
- advise you of the seller’s options
- attempt to personally attend the offer presentations
- advise you of YOUR options, including:
- increasing your offer prior to its presentation to the seller
- leaving the offer as it is
- withdrawing the offer
- reconsidering the fixtures, chattels, terms and conditions of the offer
- advise on other considerations that could improve your position including:
- a term or condition that will compel the seller to deal with the offer at the time of presentation or face withdrawal
- a requirement that the seller not disclose the price and terms to any other buyer or face withdrawal
