The best call from your agent when selling is when you have received an offer! Very exciting!! But before we go down this road, let’s talk about a couple options you have.
In competition offer situations, such as many parts of HRM right now, you may have several offers come in at one time. How do you keep them straight and know that you’re getting the best offer? One solution that we are commonly running into is ‘holding offers’. Basically, your agent will hold offers to be presented at a specific time and date. This will be a few days after your property has listed.
The benefit here is that in very busy markets, not only does it allow potential buyers time to view the property (as opposed to booking onto of one another and being rushed), but it will also stop a potential ‘bully’ offer. Bully offers are when a buyer makes an offer on your property, but only allows for a very short period of time to respond. This may make you feel rushed, unsure of future offers, and fear of missing out on a potential offer.
On the flip side, you may want to have offers come ‘first come first serve’, which is traditionally how offers are received in balanced markets. In competitive markets, the Buyer now feels rushed and has to blindly put their ‘best offer forward’. They don’t know what the ofter offers are, for how much, what their terms are, and they need to secure a deal blindly.
When you sign your listing paperwork your agent will ask you if you would like to allow buying agents to know about competition offers or not. You have the choice to inform other buyers of competition or not- it’s entirely up to you.
This is a double sided coin: If you allow other agents to know of competing offers, they may have a chance to revise their offer depending on the number of offers, and how badly their clients want your property. On the the other side, if you don’t allow them, it’s blind, and they have no choice to come in at top of their game.
When reviewing offers, your agent will present all offers to you. (Disclaimer: Buying Agents could request to present their clients offer in person, although rare). Based on all offers received, you will make your decision to either accept the offer, reject the offer, or counter on some of the offers terms. Your agent will help you through this process and together decide what is best for your individual situation.