I was in a multiple offer situation last weekend with one of my clients. And as my clients had not been in a multiple offer before, I did have to prepare them for this and so I thought I would write a blog about it and hopefully help other buyers understand the process.
I saw the property with my clients when the listing first hit the market on a Wednesday. After viewing it, I advised my clients that if they were interested, offers were to be presented on the weekend and I thought that there would definitely be multiple offers. I told them that I would do a current market analysis of the property and we could then discuss what range an offer might be in. Depending on the number of offers, it could sell for more than the asking price in a hot market. But the most important point here is you only have one chance to make a good impression and so you should make your best offer the first time.
I offered some other negotiating tactics to maximize results for your one opportunity to make it count.
Typically the subjects written into the contract for a detached listing, would be subject to financing, inspection of the property, receiving and being satisfied with the title search,receiving and being satisfied with the Property Disclosure Statement and receiving and being satisfied with the oil tank documents (more information on request).