Canada to Arizona Real Estate Info
What if there are multiple offers on the property I want?
If a property is priced right, regardless of whether it is a standard sale or distressed property, there is a good chance it will get multiple offers. The seller has a couple choices. He/she can just accept the highest offer and ignore or reject the rest, or more likely a "multiple counter offer" will be sent out to all the offering parties. This mulitple counter may specify a minimum price to be accepted, possibly the highest offer or above). If there are even bids upon return of the multiple counter, then another may be sent out by the seller, or he/she may just accept one. This process can occur on a standard sale or REO.
If there are multiple offers received on a short sale listing, typically the highest and best offer is submitted to the lender without sending out counter offers. An offer is not deemed accepted until there is a response from the bank that is received by the buyer. During the lengthy waiting period that occurs in a short sale, offers may continue to be received by the seller. If a higher and better offer subsequently is submitted, it may replace your offer. You of course have the option to up your bid if you are comfortable with that, or begin the search for another property.
One main factor that plays into multiple offers or multiple counters is the strength of the buyer. Cash buyers are always view as better if everything else is even. In this case the seller doesn't have to worry if the loan will really come through for the buyer. As a Canadian (or any foreign national) if you are taking a loan, you will be required to put down at least 20%. This will also put you in a better bargaining position versus someone with 5% down. Again, a better comfort level associated with less risk. It is my job to present your offer in the best possible light from the first minute.
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