Today, I want to shed some light on the often intimidating process of participating in a multiple offer situation as a homebuyer, also known as the “bidding war” These scenarios have become increasingly common, especially in markets with high demand and limited housing inventory. I will say, at the time I am writing this blog, here in Winnipeg, we are starting to see multiple offer situations a bit more frequently again. It seems as though since the bank of Canada has held interest rates steady for the past few announcements more buyers are feeling more confident to purchase and in general there is still a lack of inventory. In this blog post, I'll provide insights into what you can expect as a buyer when facing multiple offers and offer tips on how to best prepare for such situations.

Understanding Multiple Offer Situations:

The term "offer date" refers to the specific date set by sellers for reviewing offers. This means the sellers will NOT review any offers until this date. This practice is often employed to a) make sure everyone interested in the home has a chance to get in to view it. And b) try to generate a multiple offer situation for the seller. As a buyer, it's crucial to understand the dynamics of a multiple offer situation to navigate the process effectively.

Multiple offer situations in Manitoba:

The specifics of the offer date can vary from province to province, influenced by local rules and regulations. In Manitoba, when setting an offer date sellers sign an agreement instructing their realtor not to present any offers until that date (even if said offer is expiring before offer presentation date), this eliminates the “bully offer” that is allowed in other provinces.

Tips for Buyers in a Multiple Offer Scenario:

To avoid making rushed decisions, I recommend viewing the home as soon as possible. Your realtor can assess comparable sales in similar multiple offer scenarios to provide data driven guidance on potential offer prices. This also gives you and your realtor ample time to prepare for offer presentation date.

2. Submitting the Offer:

Your realtor will submit your offer on the designated offer date. Before presenting offers to the seller, the selling agent informs all submitting realtors of the total number of offers received, without disclosing any offer details. (All you will ever find out about any other offers is how many others there were or “total offer count”)

3. Be available around offer presentation time:

Your realtor will inform you if you are in competition with other buyers and can give you the , opportunity to make changes to your offer. Stay available for communication via phone or text around the time offers are being presented so your realtor can help ensure your changes (if any) will be submitted.

Navigating a multiple offer situation can be stressful, but with the right guidance, you can approach it confidently.

Remember, each scenario is unique, and your realtor is there to assist you in making well-informed decisions. If you have any questions or need assistance with the purchasing process, bidding wars, or multiple offer situations, feel free to reach out!

#AgentSam

Samantha Scribilo

Tel: (204) 960-8851
Email: Sam@JenniferQueen.com