As part of my volunteer work at REIWA Public Enquires line, I hear many calls from buyers who have submitted an offer on their home the same time or after another offer. There is large misconception of the rules of this so I would like to offer some clarification.
As agents we need to present offers to our owners as soon as practically possible. Sometimes the owner is away, unable to meet or instructs us not to present the offer till a later stage. When this occurs there is not much you can do as a buyer. Your options are to withdraw your offer or wait for the owner to respond.
Many people have the belief that if they put an offer in first, they get their presented before anyone else. This is only true if yours is the only offer. In a multiple offer situation, the owner will look at all the offers written at the same time and will pick one of the offers to accept or negotiate with.
If your offer is not favourable on price or conditions, you may get a phone call saying the owner has accepted something else. With this is mind, the price you need to give your agent is the best price you feel the home is worth. You may not get another chance with the property so put your best foot forward and offer the money you really feel the house is worth.
As a seller, you want the best offer for your property but you cannot counter offer all the offers and see who accepts first. They are all binding contracts and therefore you can only negotiate with one at a time. Pick the best offer and work with that but please remember that the buyer may have put their best offer in so be very careful in counter offering or you can potentially lose them.
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