Competitive Offer Situations
In the market place that we are surrounded by today, competitive offer situations are a regular occurrence.
Below are some key things that a buyer should understand about competitive offers and how they work:
1. You meet with your agent to discuss what terms and price you would like to put on your offer. This may change according to how many people you are competing against. It is a good idea to put your best foot forward at this time as you may not get a chance to change it later.
2. Once all the offers are in the listing agent's possession, he will meet with the vendor to present all the offers that they have received. This could take some time depending on how many offers there are.
3. They will open each offer one by one and choose which offer may look the most appealing.
4. Some of the important criteria within the offer that they will be focusing on are: the possession date, inclusions, exclusions, conditions, and obviously the amount offered.
5. Once they open all of the offers they will choose one that they would like to accept. They may accept it outright, or if there is one offer that stands above the rest but there is an undesirable term - they may try to negotiate that term and if it can be changed they may accept the offer. If the purchasers aren't flexible, they may have to reject that offer and move onto the 2nd favourable offer.
- IF, there are 2 offers that are extremely similar they can:
Accept one over the other,
Contact the 2 agents that wrote the offers and ask if there is anything that they would like to reconsider on their offer (please note that they can not tell them what to change and they can not disclose anything about either offer to either agent)
Once the changes are communicated, the vendor(s) have to decide what they want to do.
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