Click here for a brief video explaining Bidding Wars in Vancouver.
Bidding wars or more commonly called multiple offers are pretty much the norm in our current market and I’ll explain how, for the most part they work.
Currently we have many more buyers than active listings so once a property gets listed the Sellers will often hold off on looking at any offers until a specific date, around 5-7 days after the property was initial listed to give it proper exposure and allow all interested buyers to view it.
On the offer date if there is more than one offer each interested buyer will write their highest and best offer. The Sellers will then look at all of the offers and accept what they feel is the best offer. This typically would be highest price, favourable terms and the least amount of risk meaning few or no subject clauses.
As a listing agent it is very important that we have all the necessary information and documents ready the day we list the property to allow any interested Buyers the opportunity to do their due diligence ahead of time so we can try to get the best possible offer for our client.
As a Buyers agent, we just secured a few amazing houses for our clients in multiple offers this past week, we beat out up to 10 other Buyers by writing subject free offers without adding any risk to our clients. Being quick, prepared and doing our due diligence ahead of time allowed us to achieve this.
If you have any questions about multiple offers or about what’s happening in your local neighbourhood give me a call, always happy to chat.