If you find yourself caught in a multiple-offer situation, here’s what you need to do.
Get your finances in order
Before you place an offer, get your mortgage approval, not just a promise to apply. The seller will look at your strength of financing. Know your top budget and stick to it — in a bidding scenario it’s easy to get carried away.
Talk strategy with your agent
There’s no one “right” approach for every deal. Your agent should guide you on how aggressive to be with your offer based on the market. Make sure you and your agent agree on how many conditions you’ll include (inspection, financing, etc). Fewer conditions often give you an edge.
Make your offer count
In a multiple-offer situation you rarely get a second shot. The advice: submit your strongest offer up front.
That means your price should reflect what you’re willing to pay, and your terms should be clean. For example:
- Choose a closing date the seller prefers.
- Use a higher deposit if you can — it shows you’re serious.
- Keep as few conditions as you’re comfortable with. Waiving inspection or financing conditions has risk, but can make your offer stronger.
Know when to walk away
Just because you’re in a bidding war doesn’t mean you should exceed your budget or take on unacceptable risk. Ask yourself: Can I afford this comfortably long-term? Will I regret paying this much? If the deal isn’t right, it’s okay to move on.
Understand what the seller sees
The seller isn’t just looking at the highest price. They’re looking at: How likely is the deal to close? How many conditions are there? Does the buyer match their timeline? If you can match what they want beyond price, you may win even if your offer isn’t top-end.
Don’t assume you’ll know what others offered
You might hope to find out the other bids and “beat them by $X”, but often you won’t. The seller and listing agent may or may not disclose details. Focus on making your bid as strong as you can rather than chasing the unknown.
Bottom line: In a multiple-offer scenario, your best move is preparation, clarity, and a clean strong offer. Know your limits. Work smart. Don’t assume you can adjust later without cost.
