Multiple Offers

In the currently heated market in Western Australia where demand is much greater than supply of properties for sale it is not unusual to find yourself in a situation where several parties are making offers on a property at the same time.

The Agent is obligated to inform all potential buyers there are other offers in existence but must not disclose the contents or conditions of those offers including price.

A prudent Agent can encourage buyers to make their best offer and should also inform buyers that they may not have the opportunity of a counter offer.

If you are making an offer and the Agent says there are other offers, ask them to write a statement to that effect in the actual offer document. This helps to ensure Agent integrity and gives you evidence for recourse if it turns out the Agent was misleading you. REIWA has a standard disclosure form to that effect so it shouldn’t be any trouble.

The best strategy if you find yourself in a multiple offer situation, is to make your best offer first and not rely on a counter offer. This is because the seller may simply accept any one of the other offers on the table.

Remember that from a sellers perspective its not always just about money – sometimes less conditions or a more favourable time frame might be enough to get a lower dollar amount offer across the line.

David Milkovits

Licensed Real Estate Agent – Maxpro Real Estate

Over 2,800 homes sold.