The Life of A Realtor

You always read about it in the media and hear about your friends or family bidding on houses and trying to win it over 5 other buyers.  But what really happens on the Seller side? Just to give you an idea we had a listing in the West end of the city.  The house was listed for $699,990 and we said no offers until next week.  The house was in a desirable area where there is definitely a lot of demand and low supply.  Realistically this house should sell for high $700,000 to low $800,000 accordingly to the recent solds in the area.

On listing day we had an initial inquiry by a buyer.  I showed him the house and he mentioned he does have a realtor.  He came back for a second look and asked a lot of questions.  I had a feeling he was going to try to do a pre-emptive offer (bully offer).  Lo and behold the next day I received the offer 6 days earlier than our offer date.  The offer price came in firm with an offer of $812,000.  A very strong offer in my opinion.  The seller decided to wait till offer day after I suggested it would be best.

After a week of showings and 2 open houses, we were finally taking offers.  On offer date we had 7 offers.  3 came in at the mid to high $700,000.  The bully offer buyer came in but only slightly more than the bully offer.  2 came in at the low $800,000 and one came in at $875,000!  Totally blowing all the competition out of the water.  We didn’t even bother asking any of the other buyers to come back as I only do that if the top 3 are close.

This buyer REALLY wanted the property and they didn’t hold anything back.  Now a new bar has been set in that neighbourhood.

So there you have it, this is what happens on the seller side of a multiple offer.

*please note that some of the figures and data have been adjusted to protect the identity of the property

written by Kevin Yu