Debunking Myths About Multiple Offers

Are you starting your home search in the Greater Portland Maine area and you are hearing about multiple offers and bidding wars and you're not really sure what that means? This short video will debunk some myths about how multiple offer scenarios work in the state of Maine. This will help you be prepared so when that right house comes along you are prepared to make your best offer.

In the state of Maine, all contracts are confidential. What that really means is that it isn't really what some are calling a "bidding war" because you won't know what the other offers are. You will be told any information about the house as well as any information the seller wants to share. You might be told how many offers they have. Nothing about the terms will be shared.

That is why you need a realtor to help you make the best offer. In the end, you will only know what the house ended up closing in terms of price. The seller can't go back to multiple people and negotiate with them. They are going to choose the one that is most attractive to them. It is actually illegal in the state of Maine for sellers to try to negotiate with more than one party at a time. If you are starting your home search this year, be sure to check out my latest videos to stay up to date with the housing market here in Maine.