Making an Offer in Competition
We have found that many of our clients are making offers in competition. We have had to explain these points to them. We thought we should tell you too! I hope this helps you!
- Offers must be registered and you as a buyer should be informed as to how many offers will be being presented to the seller
- You can make an offer before the offer date. If the seller has not signed the 244 form you can make an offer when you wish and the realtor is obligated to present this offer to the seller. It is called a “bully offer”, but rest assured you are not a bully by doing this..
- One can be signed back and ALL others rejected
- The seller CAN send you and every other buyer back for a better offer. Or, they can just send 1,2,3 of 5 buyers back for better offer. They can’t counter, but they can tell you they would like a new offer. This rarely happens in our area, but it can be done.
- Offers without conditions are stronger to the seller, but offers with conditions can still be accepted
- The seller can sign ONE back and HOLD on to the other offer(s) pending a response from the buyer on the sign-back
- The seller does not have to accept any offer…even in competition. They are not obligated to accept an offer of asking price or even greater.
- Your realtor works for you (It is an advantage to have your own realtor making the offer and not the same realtor that listed the property)
- The sun will always come up tomorrow. No matter what happens, just be happy. The market will always need buyers and sellers to move on. Your dream property might not be listed yet... Don’t worry, be happy!
This is important because there have been many examples we can all learn from. Our priority at BlueMountainMortgages.com is to save you money. It is in our best interest to help you navigate these waters.. We are here to help!