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Top 25 Real Estate Agents in Vancouver West,Downtown Vancouver and West Vancouver. Buy & Sell residential homes, property management, pre-sale and more.

Why Multiple Offers and How to Deal With It

I understand the reasons why there are multiple offers happened in Vancouver real estate home market:

Reason 1, home sellers lower listing price in purpose. Because low listing price will attract more offers and more buyers most probably. So that at the end selling price could bit much higher than expected;

Reason 2, home sellers don’t know much about today’s real estate market and under estimate its property value. Therefore its listing price is relatively lower than market value so that it gets multiple offers;

Reason 3, home sellers are eager to sell home quick. Therefore they list low listing price in order to get more buyers’ attention.

In such or possible multiple offers situation, I would suggest home buyers to take the following actions:

First of all, write offer right after you spot a good listing. It’s best to offer before anyone else start their offers. Because sellers could possibly accept your offer at the first place and then cancel open house and stuff, so that you avoid multiple offer situation totally.

Secondly, be well prepared. For example, buyers should go for mortgage pre-application so that they know their buying price limit. Buyers could do home inspection before writing their offer so that home inspection will not be listed in the condition. Sellers tend to accept offers with fewer conditions.

Lastly but not the least, do the homework. Get to know the market, don’t offer too high or too low. It recommends that buyers and their agents are at the site together so that it will be easy and quick to change or sign the offer.

We will be happy to help you find the right home in right price. Contact us today!