Keeping you Informed

It’s important to us to provide honest information and opinions regarding buying and selling property.  This month’s heading for our newsletter reflects this commitment to you.

With the shortage of homes and high buyer demand, multiple offers have become commonplace and many of our current sales are now multi offer situations.  Multi offer situations can be confusing and frustrating for potential buyers.

Confusion can arise if potential buyers do not fully understand the process which, unfortunately can result in a feeling of unfair treatment. Therefore, it is important that real estate Sales Representatives provide clear information about the process and ensure that it is well understood. A common misconception to be cleared, is that it is the Vendor and not the Licensee who has chosen a multi-offer sale process.

Timeframes in a multi offer process is another area of confusion, especially if the potential buyer is under the impression that they are the sole interested party. Understandably, suspicions may arise if there is a ‘last minute’ competing interest. This again shows the critical importance of all parties being comfortable and aware of timeframes and the next steps to secure the property, through the careful attention and guidance of the Sales Representative.

Confusion often strikes once again if an earlier offer has been declined by the Vendor, and more than one buyer becomes interested in the property thereafter.   In this instance, the multi offer process renews and the potential buyer has the opportunity to submit a new offer. As always, this must be their ‘best’ offer if they are serious about securing the property.

At REAL, we have clearly documented policies and procedures for this process.  This assists us to have a consistent practice and enables us to provide clear information to all parties. All in all, we aim to govern a fair process and do our utmost to assist everyone involved to the best of our ability.