05/28/2023
This is one of the most asked questions by homebuyers and can be an intimidating situation if left unexplained, possibly preventing buyers from purchasing their perfect property. Competing offers on a home creating a “Bidding War” has been common in the Canadian real estate market for many years, and in Windsor Essex County I have personally successfully represented buyers in bidding wars for the last six years. Factors such as low supply and high demand, historically low mortgage rates and immigration are the biggest factors to competing offers on desired properties.
During a bidding war, the listing brokerage must disclose the number of active offers on a property, whether any of the buyers are represented by the listing brokerage, and whether any offers include an adjustment to the commission the seller would pay the buyer’s brokerage. These disclosures help ensure a level playing field for all buyers. The seller can accept or reject any offer, make a counter-offer to one of the offers, or even give one or more buyers an opportunity to “improve” their offers. There is a set date and time that all interested parties are able to submit their offers by.
Bidding wars don’t have to keep you on the sideline of the real estate market. Having the right information and working with the right experienced REALTOR®️ can ensure a successful purchase! Please reach out to me anytime if you have any questions about competing offers or anything real estate related!!📞
