FAQ 8 - What are the "other" offers for?

If you are involved in a multiple offer situation, it is only human nature to ask or want to know, how much the other offers are for on a property.

The selling agents that make offers for their buyers on a home are not privy to this information.  The listing agent will know what the other offers are for, but does not disclose this to other agents.

It is best to but your best and highest foot forward when you are offering to purchase a house that has muliple offers.  The offers are presented to the seller at the same time and the best one is selected by the seller.
Only one offer can be chosen.  You only get one chance to make a good first impression.  

If another offer is accepted, I am frequently asked what the other offer that got accepted was for?  Again, this will not be disclosed until the home has gone to closing.  

Sometimes the seller will chose to accept an offer that has a lower price than you offered.  Price is not the only thing a seller and the listing agent will base their decision on.  The other offer may have been for less money, but had better terms than yours.  For instance, the offer may have been an all cash offer and your offer was contingent on 95% financing.  All cash is more of a sure thing (much less of a risk) than an offer that has a financing contingency that may or may not go through to closing.