National

New process for multiple offers on a home

Darpan News Desk The Canadian Press, 06 Jul, 2023 12:13 PM

Real estate boards in Greater Vancouver, the Fraser Valley and Chilliwack are launching a new process to give buyers and sellers more information when multiple offers are made on the same property.

Each of the competing offers, plus the real estate firm that submitted the offer, will be listed on a new form that the home seller and their Realtor must sign and give to all involved no later than one day after the seller has made a decision.

In a market that has been characterized by limited properties for sale and multiple bids for those listings, realtors say the new form will "bring comfort" to prospective buyers that their offer was fairly presented.

The real estate boards says the new disclosure form aims to balance buyers' rights around transparency and disclosure with the sellers' right to privacy during the sale of their home.

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