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MULTIPLE OFFERS 101


Blog by Joe Campbell | June 23rd, 2015


 
Rising prices in the Vancouver Real Estate Market have made Multiple Offer situations more common, especially in our desirable areas here on the North Shore. In Multiple Offer situations, competition or the risk of losing out on a desirable property motivates Buyers to act decisively. Sellers are able to get market price for their properties very quickly in a relatively hassle free manner and the chance of getting an offer above the asking price is much higher.

Multiple Offers on your property are a reality in a hot real estate market, provided you've priced it properly and created a strategic advantage. It's a nice problem to have as a Seller, but for both the Seller and the Buyer, the Multiple Offer scenario can be extremely stressful if you don't understand the process.

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This year has been one of the most successful starts I have had in over 24+ years as a REALTOR® and I personally have been the architect of several over asking sales. In the past 6 months alone, almost all of my sales have been at full asking price with 85% of those sold ABOVE SELLER ASKING PRICE.

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*DID YOU KNOW? – In the past three months approximately 50% of North Vancouver home sales sold for full list price or more - likely in multiple offer scenarios.

The Real Estate Board of Greater Vancouver reports 697 North Vancouver detached home sales year-to-date (YTD), January to May with this breakdown:

  • Approx. 8% selling at their full list price and
  • Approx. 42% above the list price.

*Neighbourhoods that have recently sold properties at $100,000+ OVER ASKING!!

Lynn Valley- $101,200 to $120,000: Westlynn Terrace- $101,000: Central Lonsdale- $111,000 to $174, 000: Upper Lonsdale- $115,000 to $162,000: Upper Delbrook- $121,000 to $128,000: Canyon Heights- $100,000 to $152,000: Edgemont- $110,000 to $252,000: Forest Hills- $128,000 to $153,000: Pemberton Heights- $121,000 to $125,000: Blueridge- $107,000 to $111,000: Dollarton- $122,000

*this information is only current at time of publication and may be inaccurate as of today's date*
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Multiple Offer Guidelines

 

All Written Offers Must Be Presented

Until such time as an offer has been accepted, all written offers must be presented. This means that if a Buyer submitted an offer on a property and another written offer came in before it was accepted by the Seller, the other offer must be presented as well. The Seller is encouraged to allow enough time before the offers are presented that the first Buyer can be informed that they are now competing in a multiple-offer situation. This puts everyone on a level playing field.

 

Make Your Very Best Offer

All Buyers are encouraged to make their very best offer because it may not be accepted or countered. The Seller will deal with one offer and assess the following

  • merits of the offer as to price, terms or conditions, inclusions and dates;
  • capability of the Buyer;
  • preferences of the Seller; and
  • advice from the Listing REALTOR® as to which offer, if any, should be accepted or rejected, in the owner’s best interest.


Procedure for Presenting Offers

 

1/ Offers will be presented to the Seller in the order they are written.

In a Multiple Offer situation you can expect that there will be differences in terms, price, dates, etc.  As Joe’s client, you are in the driver’s seat and how you handle offer presentation and respond to offers is your decision. While Joe always offers his expert guidance and professional advice, you are in control.

 
2/ All offers should be presented before any one offer is dealt with.

Multiple offers provide you the luxury of more than one offer to review.  You'll want to look at them all before making a decision as to which one is best for you. Sometimes one offer clearly stands out over the other(s), sometimes it does not, so we consider them all before proceeding. 


3/ Unless otherwise instructed in writing by the Seller, the Buyer’s REALTOR® has the right to present their offer to the Seller and the Listing REALTOR® and answer questions about their Buyer.

Buyers’ REALTORS® may only be present when their own buyer’s offer is presented. They will NOT be present during discussions of the acceptance or counter-offer(s) of the other offer(s). It is best during the presentation of an offer to keep your reaction to a minimum and make note of any questions you may have. 

4/ After all offers have been presented, the Seller and the Listing REALTOR® will review all of the offers and the Seller will be asked to choose which offer they want to deal with.

At this time, any questions will be answered and we (Listing Agent and Seller) consult in private on how to proceed.  You are entitled to deal with the offer (or in some cases offers) you choose. You do not have to accept an offer even if it is for a higher amount. You want the terms, price, dates and conditions best for you, and we’ll work together to make sure you are getting the best deal for you. The Listing REALTOR® is not obligated to disclose any information about other buyers’ offers nor your reasons for dealing with a particular offer.

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Joe Campbell has handled the sale of over 700 properties and many of them have been multiple offers. In the past 6 months alone, almost all of his sales have been at full asking price with 85% of those sold ABOVE ASKING. It is an exciting, challenging situation that allows him to use his negotiation skills and years of experience to benefit his clients. 

“My experience allows me to draw on a significant resource pool to expose your property to a vast market, drawing in buyers and colleagues to help populate your first showing or open, serious buyers that I am aware of that have been missing out due to the multiple offers; to get you the maximum returns you want…all before I even have the photographer take the first pictures of your home!”

Building a market and helping you to take full advantage of it is something only a very skilled and seasoned REALTOR® can offer. Joe will show you how to maximize returns on your property and make your move with confidence!

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Contact Joe Campbell Today!

office: 604-988-8000
direct: 604-985-7653
email: admin@joecampbell.ca

RE/MAX Crest Realty
101-2609 Westview Drive
North Vancouver, BC V7N 4M2

 

Joe C, EzineArticles Basic Author

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**As agents for their clients, both sellers’ and buyers’ REALTORS® must not reveal confidential information about their clients.  Every REALTOR® who is a member of the REBGV is obliged to follow:

■ their client’s lawful instructions;

■ the REALTOR® Code of Ethics and Standards of Business Practice;

■ the Rules of Cooperation;

■ the REBGV Constitution and Bylaws; and

■ the Real Estate Services Act.

REALTORS® must also abide by federal, provincial and local legislation and regulations, including the Federal Competition Act, the Proceeds of Crime (Money Laundering and Terrorist Financing) Act; the Real Estate Development Marketing Act, and the Personal Information Protection Act.

***This information is not intended to induce breach of any existing agency agreements.