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Multiple Offers - Buying A Home
A Multiple offer is when there is more than one offer on a single home at one time. Often
the term 'bidding war' is used to describe this situation. We understand the prospect of
having to blindly bid on a home can be a frightening prospect.In today's market, we are
seeing a substantial increase in this phenomenon. However, there are things that an
educated and prepared buyer can do to make it easier.
Explains Ora Ross, "I tell my clients to pick the price of which they would like buy
the home - or the price of which they are willing to walk away. Let's present it and see
what happens. All too often we see buyers back away from a multiple offer situation only
to discover the home sold for less than they were willing to pay!"
There are other important factors or considerations within an offer that are not always
necessarily about money!
Myth: You cannot be pressured into paying more for a home than you want to. Take
control and take a shot!
Multiple Offers - Selling Your Home
As a seller, multiple offers are more often than not a dream come true, the multiple
offer situation often results in the home selling for the full asking price, if not more.
In our current market, particularly for North York Ontario real estate it is common for
agents Agents to list homes on the MLS and then hold offers until a specific date
in hopes of creating a multiple offer advantage for their sellers. On the cautionary side,
many buyers have decided that they have had enough of this and refuse to be involved in
mulple offers, or as they put is bidding wars.
Remember: Multiple offers happen when a home is either under priced or extremely
well priced. If you believe in the philosophy of asking a lot in order to better allow
room to negotiate - don't hold your breath for multiple offers.
Should you have any questions, or wish to contact Mulholland/Ross for immediate assistance
regarding buying or selling your home, we invite you to call us at 416-230-8500.
About Mulholland/Ross
Mulholland/Ross rank in the top 100 people in the entire Toronto Real Estate Board,
assisting people right across the city. Buying or selling, ultimately, it is your home.
And it's one of the most important choices you'll make for your family and your life!
"We do more than just sell houses… We help people move."
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