What happens is there are multiple offers on a property?
The REIQ often receives queries from consumers about multiple offers on a property.
A multiple offer occurs when more than one prospective buyer makes an offer on a property by submitting a Contract of Sale.
Multiple offers often happen in a “seller’s market” when competition for residential property is greatest and there are more buyers than there are properties for sale.
However, it can occur in any market and especially for properties within the affordable price range.
When a seller is to be presented with multiple offers, a prudent agent will inform prospective buyers of that fact in writing and obtain a written acknowledgement.
This gives potential buyers an opportunity to submit an offer if they have not already done so, or to revise an existing offer that has not yet been accepted by the seller.
