Clarence Maquito, Real Estate Broker
Sutton Group-Admiral Realty Inc, Brokerage
In certain market conditions, you as a seller, may find that more than 1 buyer is interested in your property. This is a competing offer situation, and it creates unique conditions in a real estate transaction. Both you and the buyer/s will have to consider how to respond when presented with a competing offer situation. Working closely with me as your real estate broker will ensure that you understand the process. Here in Ontario, I am required to disclose the number of competing offers to all buyers, who have submitted a written offer. However, the terms and conditions of each offer are confidential to you, as a seller, and to myself, as your representative.
Working with me
I represent your best interests in this transaction. The decisions about how offers are presented and responded to, as well as which offer is accepted, are made by you, the seller. In some rare situations, I will represent the interests of both you, as a seller and the buyer or multiple buyers. Further guidance from myself will be given to you in such rare situations.
Tips for you as a seller
When you, as a seller, are facing a competing offer situation, you can decide, by instructing me, to:
- accept the best offer
- negotiate with 1 buyer and reject all other offers
- negotiate with 1 buyer and advise other buyers that their offers are being set aside while the seller negotiates; or
- reject all offers
Even in a competing offer situation, buyers have other options, and may choose not to continue to participate. You, as a seller, may attempt to negotiate, only to find out that it was the best offer the buyer could present. In the meantime, other buyers have already found new properties they are interested in.
This is exactly why my utmost guidance and high level of expertise are very essential and critical in such a situation.