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Home Consumers Seller journey Receiving offers

Once you have listed your home for sale, your agent will help you navigate the process of receiving offers from buyers.

  • You can expect your agent to receive offers on your behalf and present them to you right away, unless you and your agent have decided to delay reviewing offers until a specific date and time.
  • You can also expect your agent to guide you through the offer line by line, ensuring that it meets your expectations and protects your interests, and that you fully understand the terms before you accept an offer.

Did you know? Once you and the buyer sign an offer, it becomes a legally binding contract (an agreement of purchase and sale). This means that both parties must follow through on their commitments as stated in the contract.

Buyers might include conditions in their offer such as securing financing, a satisfactory home inspection, selling their own property before closing, and being able to visit the home a set number of times before closing. This will often include a final walkthrough of the property before they take possession. If you are selling a condominium, the offer would typically include a condition relating to review of the condominium documents by the buyer’s lawyer.

Your real estate agent can help you understand the conditions in the offer and how they might impact the likelihood of a successful sale.

Depending on market conditions, there might be a number of offers at the same time. This is sometimes referred to as a “bidding war”.

As the seller, you have control over what happens next. You may choose to:

  • Accept an offer.
  • Reject all offers.
  • Send some offers back to the buyers with suggestions for improvement.

In a bidding war situation, there is no guarantee that a buyer will submit an improved offer and might decide that they no longer want to compete to purchase your home.

Your real estate agent can help guide you through the process, providing advice and strategies. Your agent is looking after your interests and knows the price and terms that you are willing to accept.

Will buyers know how many offers there are?
Yes. Your agent must communicate the number of offers you have received to every buyer who submitted an offer.

Will buyers know the details of the other offers?
Maybe. You decide what information, if any, will be shared. If information is shared, it will be shared with every buyer who submitted an offer. If you decide to share offer information, your real estate agent can help you understand the process and how to respond.

You might instruct your agent in writing not to review or consider any offers until a specific date and time. This is a sales strategy intended to generate competing offers (a bidding war) and help you get a better price for your property.

In response, a buyer might submit a “pre-emptive” offer – an offer intended to disrupt the delayed offer process. This type of offer is also referred to as a “bully offer”. If a buyer submits a pre-emptive offer, your agent will notify all interested buyers that you are now reviewing and considering offers.

Your real estate agent can help you understand the pros and cons of waiting to review offers, how to navigate a delayed offer process, and decide on a strategy that’s right for you.

A deposit is the sum of money that is paid by the buyer upfront, after you have accepted their offer to purchase your home.

Deposits are often held by real estate brokerages in a trust account and are protected through RECO’s insurance program in the event of theft or fraud.

Speak to your agent about the deposit required for your property, including the amount, payment schedule, and any conditions that might apply.

Learn more:
Consumer deposit insurance
Consumer deposit insurance FAQ