Definition
A situation where a seller receives more than one purchase offer from different buyers simultaneously. Multiple offers create competitive environment and often result in higher final prices.
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Multiple offers are common in competitive real estate markets and indicate strong buyer demand. Sellers and their agents may use multiple offers to negotiate better terms and higher prices. Buyers in multiple-offer situations face pressure to increase their offers, reduce contingencies, or add other attractive terms to win the deal.
Pro Tip
In a multiple-offer situation, be prepared to go above your initial budget or you may lose the property.
Example
The popular neighborhood home received four offers within 48 hours of listing, with prices ranging from $440,000 to $465,000.