Recipe for Dealing with Multiple Offers on a Residential Property in Winnipeg

Recently, I had the privilege of representing an estate and we received multiple offers, 4 to be exact. Extracting the most amount of money from this opportunity is what the client pays for. This is done by making sure all buying parties are aware of the situation either through us or through their representative. Once all parties are aware of the number of offers and had the opportunity to make any adjustments to their offer, they are presented to the vendor or representative of the vendor in the order they are received. Upon review, any items that are not clear on the offer are clarified. The best offer is not always the clear winner. After all, my responsibility lies in the sellers’ best interest. Is the second, third or fourth offer prepared to pay more or prepared to remove conditions that may make their offer better in the end. The key to the situation is to clearly communicate ALL options available to the vendor and allow them to make an educated decision as to what is in their best interest! Unfortunately there are more losers than winners in a multiple offer situation. It is a tough situation for a buyer to find themselves in. At the end of the day, the vendor will typically benefit from this situation and did! The key is to make sure that all parties are given a fair chance to amend their offer if they choose to and the sellers (and no one else’s) best interests are looked after at all times. This property sold for $17,600 over list price. Need a recipe for a successful Real Estate Transaction?