Multiple Offers Lethbridge
A multiple offer situation is when two or more buyers submit an Offer to Purchase on the same property, at the same time. In a hot real estate market, multiple offers are common, and sometimes properties can sell for several thousand over the list price. Multiple offers can happen in Lethbridge, when a property is in high demand, but it doesn’t happen as often as in some larger real estate markets.
It’s the seller who determines the process and advises their REALTOR® . The order which the offers come in really doesn’t matter. They may or may not want to disclose the multiple offer situation to potential buyers. If they do disclose, you have some options:
- increasing your offer price or deposit amount
- leaving the offer as it is
- withdrawing the offer
- reconsidering the terms and conditions of the offer, (things like inclusion and possession date)
When there is a multiple-offer situation, you don’t get the opportunity to negotiate back and forth. You often only have the option to give your best offer. If you are a seller dealing with multiple offers, make sure to go over them carefully with your REALTOR®. Remember, it’s not always the offer with the highest amount of money that is the best.
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