By Jennifer Lynn Walker
When is enough effort enough? If you are the selling broker dealing with a multiple offer situation, how much effort should you take to get a hold of the buying broker to notify them of the other offer? You would think it would be their top priority since it could end up in a bidding war. Your real estate broker of course would be relentless in notifying the other broker. Are you sure?
As a selling broker you’ve got an offer on the table. That afternoon, you hear of another one coming in…by Sat night, you receive the fax for the second offer. You call the 1rst broker at 20:00 and leave a message on their phone. The deadline for both offers is 22:00 that night. That one phone call is all the effort that is made…is that good enough?
As a seller, your best scenario is to have multiple offers and for all of them to be aware of each other. Legally that is the job of your broker. You want all the offers to put their best foot forward, blindly trying to outdo all the others. In these cases it’s not surprising to see buildings go for asking price or more.
I was the first offer and did not get a chance to answer the phone that night. If the broker tried calling me again or texted or emailed, I would have gotten the message that another offer was in. Surprisingly, instead of the broker waiting until he has gotten a hold of me, he presented the offers as is to the vendor and the second offer, the one knowing of multiple offers was picked. Not surprising.
Any good broker wants the best for their clients. In this scenario, it would have been in the best interest of the vendor if I had known about the other offer so we could change ours to be more competitive. The timeline at this point wouldn’t have mattered. The listing broker should have informed the 2nd offer that owner was going to answer to the offers the next day. If that took an amendment for the 2nd offer to change the timeline so be it.
What’s the most important thing here is not the deadline of an offer, but the effort you take to get the most for your client.
Real Estate Broker & Educator
Jennifer Lynn Walker has specialized in buying and selling both residential and multiplex properties since 2003. She’s built a strong network of specialist, to give her clients a seamless experience throughout the real estate journey. Founder of Montreal Real Estate Investor’s Group, and Jolly Green Homes. How can I help you today?