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Just wondering what the laws and/or ethics are of entertaining multiple offers as a seller. Can you counter-offer all at the same time? Do you do one at a time until the time limit runs out? Anyone know from experience or involved in real estate?
Gotta be careful and not lose offers either...
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Chad - loudfords - Ontario Chapter Leader
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Id say take the highest offer if you like it and let the bidding wars begin. i do know of different houses that have sold for more then they were listed for when more then 2 offers come in at the same time. When we got our house our agent took a blank offer with our sigs on it just in case she had to up our offer last minute, we had told her the max we could pay and she could go up to that.
Actually most agents will let all potential buyers know that there are other offers. They will inform them all to put in thier best offer, then generally work with the highest.
Yeah, by the real estate act code of ethics, they're supposed to let all agents with offers know that other offers are out there, without revealing the details in the offer.
Anyway, we got a good price, but not the best closing date, we'll be homeless for a month. Hope the weather's good.
Actually will be moving in with my parents for a month, should be fun...
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Chad - loudfords - Ontario Chapter Leader
Click HERE to join the Ontario Chapter
You can receive as many offers as you wish. You can reject as many as you wish. You can only "ACCEPT" one offer. Once you accept a conditional offer for example, you must wait until the conditions are met or have failed before moving on to the next step. A failed conditional offer puts your property back on the market for any remaining bidders.
Explaining verbally why you are not willing to accept any given offer presented to you can increase your chances of perpetuating a bidding war.
I don't really care what anybody says, it's a sellers market. Hold your ground.
AL.
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Even if you accept one offer, you can work it into the contract that you may recieve other offers until the original firms up. When this happens and another offer comes in the original buyers have 24 hours to match and firm up or they get bumped.
It's 48 hours, and you don't have to match, you just need to waive any outstanding conditions.
I can only counter one offer at a time, because theoretically, if I countered 2 offers, and they both accepted, then I'd be in deep doo-doo because it's a binding contract.
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Chad - loudfords - Ontario Chapter Leader
Click HERE to join the Ontario Chapter
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Real Estate: Ethics/law of multiple offers
