Multiple offers or bidding wars continue to happen all over the GTA. Buyers, sellers and real estate agents need to be aware of what to expect.
To create the atmosphere for multiple offers, it may indicate on the MLS listing that interested offers are to be submitted in three days. The seller hopes this will give many buyers the opportunity to visit the property during the three-day period and that this will result in multiple offers.
However, there is nothing stopping someone from delivering an offer immediately. The seller’s agent is under an ethical obligation to bring every offer to the seller’s attention. The seller then has the right to deal with the offer, if they want to. Click here to view the full article.
The Toronto area real estate market remains very hot, as there are still more buyers than sellers. This means that multiple bids on well-priced properties in good locations are very common. These multiple bid situations are often very emotional for everyone involved, and the rules that realtors must follow help to keep them from becoming free-for-alls.
