Multiple Offers Tips

The Vancouver Island Real Estate Board has adopted guidelines for the handling of multiple offers and it may be useful for Buyers involved in multiple offers to understand these guidelines.

All Written Offers Must Be Presented

Until such time as there has been acceptance of an offer, all written offers must be presented. This means that if you wrote an offer on a property and before it was accepted by the Seller, another written offer came in, the other offer must be presented as well. The Seller is encouraged to allow enough time before the offers are presented so that the first Buyer 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 their offer may not be accepted or countered. The Seller will deal with one offer and will assess the following:

1. merits of the offer as to price, terms, inclusions and dates;
2. capability of the Buyer;
3. preference of the Seller; and
4. advice from the listing representative as to which, if any offer should, in the owner's best interest, be accepted or countered.

Procedure For Presenting Offers

1. Offers will normally be presented in the order they are received, although there is no greater weight given to the order; this is suggested as courtesy only.
2. All offers should be presented before any one offer is accepted or countered.
3. The selling representative is invited to present their offer to the Seller and answer questions about their Buyer. They will not be present during discussions of acceptance or counter-offer of the offers.
4. After all offers have been presented, the Seller and the listing representative should review all of the offers and the Seller will be asked to choose the offer they want to deal with whether through acceptance or counter-offer.