Sandeep Pawar
Broker
Multiple offers: how to compete without overpaying
How offer night works in Ontario and what you are allowed to know about other buyers. Plus the terms that strengthen an offer at the lowest cost to you.
The short answer: when a seller has several offers, you are entitled to know how many written offers are competing. Nothing else is shared unless the seller chooses. The seller does not have to take the highest price. You compete best with a price set from comparable sales and conditions cleared before offer night. Add a deposit and closing date the seller values, and a walk-away number agreed in advance.
How offer night works
The listing sets an offer date
The seller holds all offers until a set day and time, so every buyer can see the home first.
Buyers register offers
Each buyer’s agent sends a written offer to the listing brokerage before the deadline.
The number is disclosed
The seller’s agent tells every buyer with a written offer how many offers are competing.
Offers are reviewed
The seller compares price, deposit, conditions, closing date and how likely each deal is to close.
The seller decides
Accept one, sign one back, ask some or all buyers to improve, or reject them all.
Improved offers, if asked
You can improve, stand firm, or walk away. Standing firm is a legitimate answer.
What you are told, and what you are not
| Information | The rule in Ontario |
|---|---|
| Number of competing offers | Must be disclosed to every buyer who has submitted a written offer. |
| Content of other offers | Shared only if the seller gives clear written direction. A seller can make that decision at any time. |
| Price of other offers | May not be included even when content is shared. Do not assume you will see it. |
| Who the other buyers are | Personal or identifying information cannot be shared. |
| Your own offer | You decide whether to take part in a process where your offer’s content may be shared. |
Sellers have been able to choose to disclose offer details since TRESA’s changes took effect on 1 December 2023. Buyers should not assume their price stays private.
Price it before you fall for it
In a bidding war, the list price is a marketing number. Your price has to come from evidence.
What happens
We study recent sales of similar homes, the active competition and how long homes are taking to sell nearby.
What you do
Agree with me the fair value range before you see what other buyers do.
Documents and people
Comparable sales, price history of the home, your pre-approval.
Watch for
A list price set low on purpose to draw offers. It tells you about the strategy, not the value.
How I help
I show you the comparables line by line, so the number you offer is one you can defend to yourself later.
Clear the conditions before offer night
Most buyers who waive conditions have not earned the right to. Do the work first, then decide.
What happens
You inspect before the offer date if the seller allows, and your lender reviews the property in advance where possible.
What you do
Book a pre-offer inspection. Ask whether the seller has a pre-listing inspection report. For a condo, ask for the status certificate. What to check.
Documents and people
Inspection report, status certificate, lender’s comments on the property.
Watch for
Paying for inspections on several homes you do not win. It is a real cost; budget for it.
How I help
I arrange inspection access with the listing agent and tell you honestly when a home is not worth inspecting.
Choose the terms the seller values
Price is one lever. Deposit, closing date and certainty are the others, and they often cost you less.
What happens
We find out what matters to the seller: a quick close, a later close, a big deposit, or simply certainty.
What you do
Decide how flexible your closing date is and how large a deposit you can give within 24 hours.
Documents and people
Proof of funds, flexible closing dates, a clean schedule.
Watch for
Adding terms that look strong but expose you, such as a firm offer with no cash buffer for an appraisal gap.
How I help
I ask the listing agent what the seller needs, and I build the offer around it.
Facing an offer date this week?
Book a 30-minute callSet your limit, in writing
RECO’s buyer checklist advises setting ground rules in advance, including what you are willing to spend. Decide it before offer night, not during it.
What happens
We agree a walk-away price based on value, your budget and your cash buffer.
What you do
Write the number down. Decide now whether you would improve once if asked, and by how much.
Documents and people
Your budget, comparables, mortgage approval limits.
Watch for
Raising your limit because you hear there are many offers. The number of offers does not change what the home is worth.
How I help
I hold you to the number we agreed, and I tell you when to walk away. How I negotiate for buyers.
Offer night
Things move fast. Be reachable, with your documents signed and your deposit ready.
What happens
Offers are registered and presented. The seller may ask some or all buyers to improve.
What you do
Stay by your phone. Sign changes electronically. Have the deposit ready to send the next morning.
Documents and people
Signed offer, deposit by bank draft or wire, ID.
Watch for
Being rushed into a change you have not thought through. A short irrevocable time on a sign-back is still your decision.
How I help
I keep you updated in real time and give you my honest read of each round.
If you lose
Losing a bidding war at a price you would regret is often the better outcome.
What happens
Another buyer’s offer is accepted. Sometimes that deal fails on a condition and the home returns.
What you do
Ask to stay on file as a backup. Keep your pre-approval current. Look at homes that have sat longer.
Documents and people
Updated pre-approval, saved search alerts.
Watch for
Overcorrecting on the next home by offering far more than its value.
How I help
I watch for homes that come back, and for listings where you can negotiate instead of compete. Save a search.
Ways to strengthen an offer, and what each costs you
| Term | Why sellers like it | Your risk |
|---|---|---|
| Higher price | More money. | An appraisal below the price means you pay the gap in cash. |
| Larger deposit | Shows commitment and ability to close. | More money at risk if you cannot close. |
| No inspection condition | Certainty sooner. | You own every defect. Inspect before the offer instead. |
| No financing condition | No risk of the deal failing on your mortgage. | If the lender declines the property, you still have to close. |
| Seller’s preferred closing date | Fits the seller’s next move. | Usually low, if your rate hold and lease allow it. |
| Short condition periods | Less waiting. | Too short and you miss a deadline. Book professionals in advance. |
For how deposits are held and how conditions work in detail, read offers, deposits and conditions.
Offer night checklist
- Walk-away price written down and agreed
- Pre-offer inspection done, or a clear decision not to
- Status certificate reviewed, for a condo
- Pre-approval current, with a cash buffer for an appraisal gap
- Deposit funds ready to send within 24 hours
- Closing date range you can accept
- Included items named in the offer
- Phone charged and e-signature working
Questions buyers ask
Will the seller tell other buyers what I offered?
Only if the seller gives their agent clear written direction to share offer details. RECO warns buyers that a seller can decide to share offer content at any time. Even then, personal or identifying information cannot be shared, and the price may not be included. Ask me how to keep your offer’s content private.
Does the seller have to accept the highest offer?
No. The seller can accept any offer, sign one back, or reject them all. Deposit, conditions and closing date often decide it, and an offer at or above asking is no promise of acceptance.
How will I know how many offers there are?
In Ontario the seller’s agent must disclose the number of competing offers to every buyer who has submitted a written offer. That is the only thing you are entitled to know.
What is a bully offer?
An offer sent before the seller’s set offer date, hoping the seller will decide early. The seller chooses whether to look at it early. If you send one, expect the seller to use it to bring other buyers forward.
Should I waive the home inspection to win?
Only if you have already inspected the home or are prepared to own every defect. RECO calls dropping the inspection condition a significant risk that a buyer needs to carefully consider.
What happens if the appraisal comes in below my price?
Your lender bases the mortgage on the lower figure, so you pay the gap in cash on top of your down payment. On a firm offer you cannot walk away because of it, so know your cash buffer before offer night.
Can I make a confidential offer?
You can ask that your offer’s details not be shared, and your agent can explain how. Whether a particular confidentiality clause is enforceable is a question for a real estate lawyer.
Is a competing offer a sign the home will sell over asking?
Not necessarily. RECO points out that competing offers do not mean a property will sell above asking. Some homes are priced low to draw offers; others draw two offers at or under the list price.
Sources
Compete with a plan, not a guess
Send me the listing and the offer date. I will tell you what the home is worth, what I would offer and when I would walk away.