SUMMER 2016
MULTIPLE OFFERS WHAT YOU NEED TO KNOW!
T
he Victoria market area has really heated up in these past months. Properties are selling quickly and often above list price. In hot markets, it is common for many buyers to take interest in the same property. The result is multiple or competing offers written and presented to the seller. Did you know a seller’s agent is only required to state the possibility of multiple offers? A buyer should ask their Realtor to inquire if the listing agent has other offers in hand. If yes, how many have they received? Their Realtor should ask this immediately before they present their offer. Buyers should ask their Realtor if the listing agent is also representing a buyer with an offer. In the event that they are, they should ask if they have reduced their commissions as part of their deal. A listing agent must answer these questions; but, only if they are asked.
Holmes Realty Ltd. 2481 Beacon Ave. Sidney, BC V8L 1X9 250-656-0911 HOLMESREALTY.COM
In a competition, a buyer should make their best offer, their first offer. It’s unlikely that they will get a second chance. The offer should be as written few conditions as the buyer is comfortable with. Sellers will be more attracted to an offer that has few terms and conditions. This often means excluding conditions designed to mitigate risk, such as a building inspection or financing. A seller has no obligation to consider, respond, or counter your offer. If their offer was not selected, a buyer should not expect a response other than “Sorry, you didn’t get the house.” (continued inside)