Multiple Offers In Brampton – As Brampton remains a hot market with low inventory, the number of multiple offer situations appears to be increasing.
When a home goes to “multiple offers in Brampton,” all offers on the home must be made at a specific time, and the seller can choose which one to accept or negotiate with. This can be a difficult situation for both buyers and sellers, so here’s what to expect.
Keep in mind, however, that the most important thing you can do in these situations as a buyer or seller is to consult with your Realtor so that you are prepared; they are the experts!
Multiple Offers for Sellers
If your Realtor believes that your home will receive a lot of attention before listing it, or if it already has a lot of attention, they may discuss to you about a multiple offer directive. If you choose this option, all offers must be presented at the same time, and you will be given the opportunity to review each one before deciding which one to accept or negotiate with. This can be very lucrative for sellers as offers will often be made to be the most appealing to the seller (higher than asking, waiving conditions etc.)
Other Real estate agents may contact your listing agent to see if they can make an offer before the deadline. This is known as a “bully” offer. If you accept this offer, you must notify all other parties who are interested. It is important to note that you are not required to entertain a “bully” offer, but your Realtor is required to notify you if one occurs.
As you navigate the process of multiple offers, it is important to work closely with your Realtor and make sure to ask questions!
Also Read: Buying in Seller’s Market in Brampton
Multiple Offers for Buyers
If your dream home is in a popular neighbourhood or has received a lot of attention, the sellers may choose to consider multiple offers. If this is the case, you will need to carefully consider the offer you want to make, and your Buyer’s Representative can help you with this process. Ask your Realtor a lot of questions and cooperate with them to develop an effective strategy. You will want to be sure to make your offer as appealing as possible by considering the following factors:
- Price – You should offer the asking price or more, but be cautious because a house that sells for far more than it is worth may not be mortgageable with the bank for the full price.
- Closing Date – A closing date that is as close to the sellers’ requests as possible will obviously be more appealing.
- Deposit – some people believe that a larger deposit shows a more serious buyer.
- Conditions – this is a risky option, but a more competitive offer may waive all conditions; please consider the implications before proceeding!
- Intentions – In a multiple offer situation, it is common for buyers to provide “letters” to the seller explaining who they are and what they intend to do with the house (no one wants to hear that their family home will be demolished, so this can have a positive impact!)
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