MULTIPLE OFFERS
Multiple offers are often mishandled by agents. Every Real Estate Board has different rules that must be followed which can make it confusing to sellers. The listing agent needs to explain to the seller very clearly what the options are and the best strategy. For example, in Alberta, the seller can choose to disclose competing offers or not disclose them. In a seller's market it's best to disclose but in a buyer market the moment you tell the buyers they are in a competing offer situation one buyer might decide to withdraw their offer because they don't want to compete and to make matters worse it may have been the better offer. When you are playing one offer against another you can sometimes achieve a price you never thought possible but to get there you need to know what you are doing. There are a lot of different strategies that can be implemented which is why it's important to hire an agent with experience in this situation and can explain their approach if this were to happen. If you have multiple offers on your home, the price is not always the bottom line. Sometimes what you tell the buyer is advantageous to his/her offer, rather than your selling position. For example, let’s say you have two interested buyers. One buyer offers a full asking price, thinking that you will readily accept, but she needs a 3-month possession date and she wants 3 weeks for financing and inspection condition. The other buyer finds out why you are selling which creates their perception that you are motivated so they offer $10,000 less than your asking price but agree to close quickly without any financial or inspection conditions. While the first buyer offered more money, the second buyer was more appealing time-wise. If you were under a time constraint,
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