{"id":2290,"date":"2022-10-12T01:40:00","date_gmt":"2022-10-12T01:40:00","guid":{"rendered":"https:\/\/dev.wahi.com\/wp\/?p=2290"},"modified":"2023-07-11T17:34:52","modified_gmt":"2023-07-11T17:34:52","slug":"offer-dates","status":"publish","type":"post","link":"https:\/\/wahi.com\/ca\/en\/learning-centre\/real-estate-101\/sell\/offer-dates","title":{"rendered":"Everything You Need to Know About Offer Dates"},"content":{"rendered":"\n\n[et_pb_section fb_built=”1″ _builder_version=”4.18.0″ _module_preset=”default” custom_padding=”55px||||false|false” global_colors_info=”{}” custom_margin__hover_enabled=”off|desktop”][et_pb_row _builder_version=”4.18.0″ _module_preset=”default” width=”95%” max_width=”100%” custom_margin=”||-24px||false|false” custom_padding=”55px||||false|false” global_colors_info=”{}”][et_pb_column type=”4_4″ _builder_version=”4.18.0″ _module_preset=”default” global_colors_info=”{}”][wahi_breadcrumb _builder_version=”4.18.0″ _module_preset=”default” hover_enabled=”0″ global_colors_info=”{}” sticky_enabled=”0″][wahi_breadcrumb-link title=”Real Estate 101″ _builder_version=”4.18.0″ _dynamic_attributes=”link_option_url” _module_preset=”default” link_option_url=”@ET-DC@eyJkeW5hbWljIjp0cnVlLCJjb250ZW50IjoicG9zdF9saW5rX3VybF9wYWdlIiwic2V0dGluZ3MiOnsicG9zdF9pZCI6IjcyMiJ9fQ==@” global_colors_info=”{}”][\/wahi_breadcrumb-link][wahi_breadcrumb-link title=”Sell” _builder_version=”4.18.0″ _dynamic_attributes=”link_option_url” _module_preset=”default” link_option_url=”@ET-DC@eyJkeW5hbWljIjp0cnVlLCJjb250ZW50IjoicG9zdF9saW5rX3VybF9wYWdlIiwic2V0dGluZ3MiOnsicG9zdF9pZCI6IjIxMDYifX0=@” hover_enabled=”0″ global_colors_info=”{}” sticky_enabled=”0″][\/wahi_breadcrumb-link][wahi_breadcrumb-link title=”@ET-DC@eyJkeW5hbWljIjp0cnVlLCJjb250ZW50IjoicG9zdF90aXRsZSIsInNldHRpbmdzIjp7ImJlZm9yZSI6IiIsImFmdGVyIjoiIn19@” _builder_version=”4.18.0″ _dynamic_attributes=”title” _module_preset=”default” module_text_color=”#686E6E” global_colors_info=”{}”][\/wahi_breadcrumb-link][\/wahi_breadcrumb][\/et_pb_column][\/et_pb_row][et_pb_row _builder_version=”4.18.0″ _module_preset=”default” custom_padding=”12px||12px||false|false” global_colors_info=”{}”][et_pb_column type=”4_4″ _builder_version=”4.18.0″ _module_preset=”default” global_colors_info=”{}”][et_pb_text _builder_version=”4.18.0″ _dynamic_attributes=”content” _module_preset=”default” header_font_size=”3.5rem” header_line_height=”4.5rem” header_font_size_tablet=”42px” header_font_size_phone=”3rem” header_font_size_last_edited=”on|phone” header_line_height_tablet=”4.5rem” header_line_height_phone=”3.2rem” header_line_height_last_edited=”on|desktop” global_colors_info=”{}”]@ET-DC@eyJkeW5hbWljIjp0cnVlLCJjb250ZW50IjoicG9zdF90aXRsZSIsInNldHRpbmdzIjp7ImJlZm9yZSI6IjxoMT4iLCJhZnRlciI6IjwvaDE+In19@[\/et_pb_text][\/et_pb_column][\/et_pb_row][et_pb_row _builder_version=”4.18.0″ _module_preset=”default” custom_padding=”||9px|||” global_colors_info=”{}”][et_pb_column type=”4_4″ _builder_version=”4.18.0″ _module_preset=”default” global_colors_info=”{}”][wahi_socialsharing _builder_version=”4.18.0″ _module_preset=”default” global_colors_info=”{}”][\/wahi_socialsharing][\/et_pb_column][\/et_pb_row][et_pb_row _builder_version=”4.18.0″ _module_preset=”default” custom_padding=”6px|||||” global_colors_info=”{}”][et_pb_column type=”4_4″ _builder_version=”4.18.0″ _module_preset=”default” global_colors_info=”{}”][et_pb_text _builder_version=”4.18.0″ _module_preset=”default” text_font_size=”24px” text_line_height=”1.5em” custom_margin=”||32px|||” global_colors_info=”{}”]

If you\u2019re in the process of selling your home, then you\u2019ll need to consider how you plan to review your offers. Learn more about offer dates and how they can impact the sale process below.<\/span><\/p>[\/et_pb_text][et_pb_text _builder_version=”4.18.0″ _module_preset=”default” text_font_size=”1.13rem” text_line_height=”1.18rem” custom_margin=”||5px|||” global_colors_info=”{}”]

By Emily Southey | 12 minute read<\/p>[\/et_pb_text][et_pb_post_title title=”off” author=”off” date_format=”M j” categories=”off” comments=”off” featured_image=”off” _builder_version=”4.18.0″ _module_preset=”default” global_colors_info=”{}”][\/et_pb_post_title][\/et_pb_column][\/et_pb_row][et_pb_row _builder_version=”4.18.0″ _module_preset=”default” width_tablet=”” width_phone=”100%” width_last_edited=”on|phone” max_width_tablet=”” max_width_phone=”100%” max_width_last_edited=”on|phone” custom_padding=”21px||||false|false” global_colors_info=”{}”][et_pb_column type=”4_4″ _builder_version=”4.18.0″ _module_preset=”default” global_colors_info=”{}”][et_pb_image src=”@ET-DC@eyJkeW5hbWljIjp0cnVlLCJjb250ZW50IjoicG9zdF9mZWF0dXJlZF9pbWFnZSIsInNldHRpbmdzIjp7fX0=@” align=”center” force_fullwidth=”on” _builder_version=”4.18.0″ _dynamic_attributes=”src” _module_preset=”default” custom_padding=”2px|||||” border_radii=”on|32px|32px|32px|32px” border_radii_tablet=”on|32px|32px|32px|32px” border_radii_phone=”on|0px|0px|0px|0px” border_radii_last_edited=”on|phone” global_colors_info=”{}”][\/et_pb_image][\/et_pb_column][\/et_pb_row][et_pb_row _builder_version=”4.18.0″ _module_preset=”default” custom_padding=”||11px|||” global_colors_info=”{}”][et_pb_column type=”4_4″ _builder_version=”4.18.0″ _module_preset=”default” global_colors_info=”{}”][et_pb_text _builder_version=”4.18.0″ _module_preset=”default” text_font_size=”21px” text_line_height=”1.6em” header_2_font=”||||||||” header_2_font_size=”36px” header_2_line_height=”1.3em” header_3_font_size=”1.25rem” header_3_line_height=”1.88rem” header_4_font=”|700|||||||” header_4_font_size=”1.25rem” header_4_line_height=”1.88rem” global_colors_info=”{}”]

Sellers typically have two options when it comes to reviewing offers: to review offers as they come in or to review them on an offer date. Sellers who opt to review all offers together on a set date often price their homes below market value to attract attention. They also tend to be on the market for relatively short time periods and may be more likely to attract bully offers.<\/p>\n

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Real Estate Offer Dates Defined<\/h2>\n

Before you can decide whether reviewing offers as they come in or on an offer review date is right for you, we must first define the term \u201coffer date.\u201d In real estate<\/a>, the offer date, or offer review date, is the specific day and time that the seller has chosen to review all buyer offers that have been made on their home. The offer review date is made public so buyers are aware of this deadline. From there, interested parties must submit their offers by the deadline. While many sellers choose to honour their offer review dates, they are under no obligation to do so. Even if the seller sets an offer review date, they still retain the right to accept an early or pre-emptive offer (also known as a bully offer). Further, it\u2019s worth noting that even if a seller sticks by their offer review date, they are not obligated to accept an offer on this date. It simply means that they will review all offers on this date.\u00a0<\/p>\n

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Why are offer review dates useful? For sellers, an offer date in which they review all offers at the same time enables them to better compare the offers and possibly make a more informed decision. It may also have the added benefit of adding a sense of urgency, which could increase the competition and lead to multiple offers. Buyers can also benefit from an offer review date. For example, an offer date may give them more time to tour the home, decide whether to make an offer, and come up with an effective offer strategy that increases their odds of winning the home. Offer dates can be especially beneficial for buyers in hot seller\u2019s markets.<\/p>\n

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Reviewing Offers Upon Receipt versus House Offer Review Date<\/b><\/h3>\n

As mentioned above, there are two main methods by which sellers review offers: as they come in and on an offer date. Though listing practices vary by city, province, and even country, most REALTORS\u00ae will have the option to check one of two boxes when adding a listing to the Multiple Listing Service (MLS\u00ae): The seller will review offers upon receipt or the seller will review on the Offer Review Date (may review\/accept sooner). We break down each practice below.\u00a0<\/p>\n

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Reviewing offers upon receipt<\/b><\/h3>\n

When the seller decides that they will review offers upon receipt (as they come in), the implication is that they will accept the highest offer or the first offer that meets their goals. If the seller chooses not to set an offer date in a hot market, it might indicate that they do not expect to receive multiple offers on the property. There could be various reasons for this, such as the seller knowing they\u2019ve priced their home above market value or there are elements of the home that might be undesirable to some (for example, a strange layout or noisy neighbours). When a home has no offer date, buyers are free to submit offers whenever they want.\u00a0<\/p>\n

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While many sellers choose one option or the other for reviewing offers when listing their home, they retain the right to change their minds. This means that if they initially decide to review offers upon receipt but notice that the property is generating a lot of buzz, they can make the decision to set an offer review date. For many sellers, doing so might be in their best interests if they want to further drive competition and get the most money for their home. That said, by doing so, they run the risk of alienating certain buyers who might feel manipulated by this change in tactic.<\/p>[\/et_pb_text][\/et_pb_column][\/et_pb_row][\/et_pb_section][et_pb_section fb_built=”1″ _builder_version=”4.18.0″ _module_preset=”default” background_color=”#edf7f3″ custom_padding=”32px||32px||true|false” global_colors_info=”{}”][et_pb_row _builder_version=”4.18.0″ _module_preset=”default” global_colors_info=”{}”][et_pb_column type=”4_4″ _builder_version=”4.18.0″ _module_preset=”default” global_colors_info=”{}”][et_pb_text _builder_version=”4.18.0″ _module_preset=”default” header_2_text_align=”center” header_2_text_color=”#38505b” header_2_font_size=”2.63rem” header_2_line_height=”3.75rem” max_width=”800px” module_alignment=”center” header_2_font_size_tablet=”32px” header_2_font_size_phone=”27px” header_2_font_size_last_edited=”on|phone” header_2_line_height_tablet=”3.75rem” header_2_line_height_phone=”32px” header_2_line_height_last_edited=”on|phone” global_colors_info=”{}”]

\u201cIn real estate, the offer date, or offer review date, is the specific day and time that the seller has chosen to review all buyer offers that have been made on their home.\u201d<\/h2>[\/et_pb_text][\/et_pb_column][\/et_pb_row][\/et_pb_section][et_pb_section fb_built=”1″ _builder_version=”4.18.0″ _module_preset=”default” custom_padding=”||24px||false|false” global_colors_info=”{}”][et_pb_row _builder_version=”4.18.0″ _module_preset=”default” custom_padding=”23px||38px|||” global_colors_info=”{}”][et_pb_column type=”4_4″ _builder_version=”4.18.0″ _module_preset=”default” global_colors_info=”{}”][et_pb_text _builder_version=”4.18.0″ _module_preset=”default” text_font_size=”21px” text_line_height=”1.6em” header_2_font=”||||||||” header_2_font_size=”36px” header_2_line_height=”1.3em” header_3_font_size=”1.25rem” header_3_line_height=”1.88rem” header_4_font=”|700|||||||” header_4_font_size=”1.25rem” header_4_line_height=”1.88rem” global_colors_info=”{}”]

Reviewing offers on a house offer review date<\/b><\/h3>\n

The second way a seller can review offers on their home is on an offer date. How offer review dates work is as follows: The seller decides to review all offers on a set date, which is published alongside their listing. Typically, the offer review date will be five to seven days from the date the property is listed. The purpose of this timeline is to give buyers and their REALTORS\u00ae enough time to visit the home in person and decide if they want to make an offer. If the home is priced to sell, an offer date can increase competition and lead to a higher number of offers. Even better, this increased competition may lead buyers to submit firm offers (those without contingencies) in an effort to make their offers more attractive. All of this may lead to a faster sale and allow the seller to sell the property as is, without any necessary repairs or a satisfactory home inspection. In hot real estate markets, offer dates, which by nature drive competition, can result in many offers and even a bidding war.<\/p>\n

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The Pros and Cons of Offer Dates<\/h2>\n

To decide if setting an offer review deadline is right for you, we\u2019ve identified the pros and cons of offer dates for sellers below.\u00a0<\/p>\n

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The pros of offer dates<\/b><\/h3>\n

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