March 21, 2021

Multiple offers or what's sometime called bidding wars in Vancouver's real estate market

Bidding wars, or what’s commonly called multiple offers are pretty much the norm in our current real estate market right now. It basically means there’s more than one buyer competing for a single property. This is very common in a sellers market and in order to achieve this, we won’t look at any offer for 5 to 7 today after initially listing the property for sale. This allows us to give the property full market exposure and all buyers a chance to view it,As a listing agent, it's very important that we have all the information and documents ready on list date. This allows the Buyers to do all their due diligence before offer day.If there is more than one interested Buyer, those Buyers will submit their highest and best offer. The Sellers will then looks at those offers and for them choose what they feel is the best offer for them. Typically this is the highest price, least amount of risk, meaning few or no subject clauses with favourable terms.So now let’s look at if from the Buyers side. As a Buyers Agent we’ve recently security some amazing homes for our clients in multiple offers, writing offers subject free without adding any risk to our buyers.We did this by being prepared and doing our due diligence ahead of time allowed us to achieve this success. If you have any questions about multiple offers or what happening in your neighbourhood, give me a call.