Buying a home is great, but it's also a long term commitment
A multi-offer situation occurs in the context of real estate when a property that is for sale receives offers from multiple potential buyers. It's a competitive scenario where more than one buyer expresses interest in purchasing the same property at the same time.
It can only be described as a multi-offer when there is more than one offer in writing. An agent can’t say you are in a multi-offer process if there are no other current offers – aside from your own – in writing.
In a multi-offer situation, the seller can choose the offer that works best for them from a number of offers.
If you are a buyer in a multi-offer process, you need to put your best offer forward because you may not have another opportunity to increase your offer.
If you have any concerns about a multi-offer process you are part of, you can speak to the supervising agent or branch manager about your concerns.