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A Guide for Realtors: Navigating multiple offers

Multiple Offers guide - agent

In a hot sellers’ market, your client – whether they are the buyer or seller – will need your guidance to navigate them through the complicated scenario of multiple offers.

In these high-pressured situations, your buyer may be tempted to offer more for the property than they planned or remove conditions from offers. These conditions are generally included in offers to protect buyers. Sellers also need to consider how they want to proceed in the event of receiving multiple offers. 

By knowing the rules and expectations from the New Brunswick Real Estate Association as well as best practices when dealing with multiple offers, you can help make the bidding process smoother for all involved.

If you are representing the seller

You should educate your client on what’s involved before they encounter a multiple offer scenario – when you, their salesperson, have received several written offers on the same property at the same time. Discussing this in advance will make the process smoother in what can be a complicated situation.

What are the steps after receiving multiple offers?

When in a multiple offer situation, a buyer must decide such things as whether to:

  • Increase their offer;
  • Leave their offer as is;
  • Withdraw their offer; or
  • Reconsider the terms, conditions and inclusions/exclusions of their offer.

When faced with multiple offers, your seller also has several choices, such as:

  • Accept one;
  • Reject all;
  • Counter offer; or
  • A combination of the above. 

Walk your client through all the options to help them make an informed decision. 

What are the steps if I’m representing a buyer?

Before submitting the buyer’s offer in a multiple offer situation, guide your buyer as they decide such things as whether to:

  • Increase their offer;
  • Leave their offer as is;
  • Withdraw their offer; or
  • Reconsider the terms, conditions and inclusions/exclusions of their offer.

Before participating in a multiple offer situation, your client should consider the following factors: 

  • An offer that meets or exceeds the asking price does not guarantee acceptance.
  • How much they can realistically afford before deciding to increase their offer.
  • The risks in removing a financing condition as well as a home inspection requirement in their offer. 

No matter what role you play in the transaction – whether you represent the buyer or the seller – your informed guidance through the process will help to make multiple offer scenarios less complicated for your clients. For more information, reach out to the New Brunswick Real Estate Association.