Each Bank has different servicing guidelines they adhere to when responding and managing offers. Some have a specific number of days they will wait once the property is listed before they entertain any offers.
When multiple offers are received on the same property, the Bank will most likely request "Highest and Best" from all Buyers. They may also accept offers as they come in with or without countering to each Buyer for their "Highest and Best" offer.
The Buyer’s agent will receive an email to log into their Exceleras account to review the outcome of the offer. When the Buyer's agent logs into Exceleras, the agent will be able to review and revise the offer terms if the Highest and Best was requested or simply countered. Clicking on the “Submit with changes” button will complete and send back the offer to the Asset Manager. The Buyer's agent also has the ability to cancel the offer by clicking Reject/File Offer.
If the offer was rejected, the Buyer's agent will not be able to counter back through the rejected offer. They will need to submit a new offer to the Asset Manager.
The Bank has the right to accept, reject or counter any offer.
The Bank may accept your offer, but until the offer is signed and fully executed, the buyer does not have a valid contract.
For more information, please contact the Listing Agent.