Toronto Real Estate | Direct: 416-357-1059 | info@rebeccalaing.ca
Toronto RE/MAX Real Estate Agent

Multiple Offers and Bidding Wars


 

As the Toronto real estate market has boomed in the last few years, sellers have increasingly been using tactics to encourage multiple offers or bidding wars.  One such tactic is to indicate on the Realtor version of the MLS listing that "offers are being accepted on {this date}", or something similar, to instruct real estate agents to bring their clients' offers at a certain date and time.**

 

Although it can depend on the neighbourhood, price point, and level of interest in a property, sellers generally expect that a firm purchase agreement will be established on the "offer date".  This means that if there are multiple offers, frequently it is only the clean offers (offers without any conditions) that have a solid chance of winning.  Thus, to be competitive in a multiple offer situation, it is prudent to have a pre-purchase home inspection and mortgage pre-approval completed in advance of placing the offer.  This mitigates the need for two of the most common conditions. 

 

The good news is that not all home sales that are structured to receive multiple offers actually ignite bidding wars; sometimes, there isn't a single offer on the specified offer date.  In cases when there are multiple offers, it is not always the highest offer that wins; differences in closing dates, chattels, conditions, and other terms can make a lower offer more appealing to the home seller.  Furthermore, there are various strategies a buyer can use which sometimes improves their chances of being successful.

 

If you are interested in a home with a specified offer date, time is of the essence, but I can help you complete the pre-conditions and due diligence in a quick and efficient manner.  Multiple offers are stressful, so my goal is to equip you with as much information as possible so that you are able to buy your dream home with confidence.  I have successfully assisted many home buyers through multiple offer situations, and can share several insights into the process.

 

If you would like more information, I encourage you to request a free Home Buyer's Consultation to discuss multiple offers and any other questions you may have.

 

** Note that information about "offer dates" is not displayed on public MLS listings on the internet, and rarely appears in other advertisements.  Offer dates are typically set for within 4-7 days of the home being listed for sale.  This is why it is so important to contact me as soon as you see a home that might interest you, whether you find it on the internet, in a newspaper ad, or from a for sale sign.

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