Vol. 10 | What is an offer deadline?

It says there is an offer deadline. What does that mean?

If you are seeking property in a competitive market it is likely that the seller’s agent has a call for offers. This would be the offer deadline. What this means is that all offers, if any, are to be sent to in their completion to the seller’s agent by the time they’ve called for. This does not mean they will be responding to your offer right at this time. It is likely that the agent has set up a time following the deadline to present all offers at once to the seller. What an offer deadline does is creates what we call a bidding war…it works in the sellers favor to maximize price and terms. This is very, very common is hot markets with lots of buyers. We’ve seen crazy things like 14 offers on a property!