What Does Multiple Offers Mean?
When your Realtor tells you that there are Multiple Offers that simple means someone else is also bidding on the property. This could be one other buyer or multiple other buyers.
Usually, the listing agent will give a written notice when a Multiple Offer situation occurs. Along with the notice, you will often receive a "Highest and Best Offer" deadline. The deadline is usually 24 hours from the date of the notice. I am saying "usually" because it is the seller's decision on how they want to react the multiple offers. One offer might be so good that they decide to go ahead and negotiate with them instead of letting everyone know there are multiple offers.
What to do in Multiple Offer Situation?
This means you…