Definition
In an active seller's market, multiple offers may be submitted simultaneously for a given property. In practice, Quebec rules:
- The listing broker (seller's) must inform all interested buyers that other offers are present — without disclosing the content of these offers - The seller may decide to open offers one by one, or invite all buyers to submit their 'best and final offer' simultaneously - Transparency is mandatory on the number of offers, but not amounts
Buyer strategies in a multiple offer situation: - **Price**: offer above asking price - **Conditions**: reduce or eliminate conditions (risk to assess) - **Flexibility**: accommodate the seller's preferred possession date - **Escalation clause**: offer $X and commit to outbid any other offer by $Y up to a ceiling of $Z
Danger of unconditional offers: waiving inspection or financing condition exposes the buyer to significant risks.