Understanding the Multi Offer situation
This process is designed to give all potential buyers an equal opportunity.
It is not like an auction where there can be multiple bids (offers) happening “live” with bidders (buyers) competing openly with one another to purchase the property being auctioned and the buyer is the person who pays the highest amount, out of all the participating buyers, that the Owners will accept. An Agreement is then automatically formed with the successful bidder ( buyer)
In a multi offer situation the seller is not obliged or required to accept any offer. They may accept one offer, reject all offers, or choose to negotiate further with one party.
Multi-offer processes can differ from agency to agency, but they can only be described as multi-offer when there is more than one offer in writing competing to buy the same property.
A multi-offer process can also be used if a property has failed to sell at auction or in a tender or deadline sale process . In these cases, an agent may initiate a multi-offer process where all interested parties are invited to submit their best offer.
Contact me to find out more about real estate buying and selling
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