Multiple offer situations can be very stressful for both buyers and sellers if not handled carefully.
What exactly does it mean to be in multiple offers? As a buyer, it means there is at least one other buyer that has submitted an offer to purchase the same property as you. In some cases, there might even be several buyers involved.
When it comes to this scenario, the listing broker may advise the seller to request “best and final” offers. In this case, buyers are asked to submit their strongest offer by a set date and time, at which point the seller will review all offers, compare the various terms, and choose which one to accept.
If you’ve found the perfect home, this is your time to shine! Remember, though, every seller has different needs and goals in the sale of their home – just as you have your own needs and goals for your purchase. And this goes beyond just price.