Duplex 101 / 04
How to Handle Multiple Offers in Vancouver
By Sonia Felix, REALTOR® | byfelix.
Oakwyn Realty Downtown
The call
The listing agent calls. Multiple offers. Bring your best by 6pm.
Your stomach drops a little, in a good way and a bad way at once. This is the moment everyone talks about, and now it is happening to you, with a clock running.
What happens next
Everything speeds up. Your REALTOR® is on calls with you and the listing agent, sometimes with other agents circling the same property. Decisions that normally take days need to happen in hours.
There is no time to slowly think it over. There is only the number you already know, or the number you are scrambling to find under pressure. The second is a far worse way to land on it.
That is why a proper pre approval and a firm maximum matter long before this call.
Why holding back your number costs you
Many buyers keep their real top number from their REALTOR®. The thinking is that if their REALTOR® does not know the ceiling, they will negotiate harder. It feels protective. It works the other way.
Your REALTOR® is obligated to act in your best interest and get you the best price whether they know your ceiling or not. What they cannot do is build a winning offer in a moving bidding situation without knowing what they are working with. Every minute spent guessing your number is a minute not spent shaping terms, timing and presentation.
Telling your REALTOR® your true maximum does not weaken your position. It lets them use every tool available to get you the home for less than that number, until it is no longer possible. And if it still falls short, you know your top dollar was genuinely tested.
The rule that does not move
Never go over the maximum you set before the pressure started. Another property will come. It is often the one that was meant for you.
Go in prepared
If you are house hunting now, book a 20 minute call and we will set your real number before you need it.
Common questions
- Should I tell my REALTOR® my maximum budget?
Yes. Your REALTOR® is obligated to act in your best interest either way. Knowing your ceiling lets them structure a stronger offer quickly instead of guessing.
- How long do I have to decide in a multiple offer situation?
Often a few hours. Sellers usually set an offer deadline, which is why your financing and maximum should be settled before you view.
- What if I overbid and regret it?
In BC, the Home Buyer Rescission Period gives you three business days to cancel, for a fee. Read how it works.