Not yet, although the federal government has proposed banning bidding wars to make home buying fairer and more affordable. Changes in the works April 1, 2023 will allow real estate sellers in multiple bid situations to opt for blind bids or open offers. Provided buyers and sellers consent to it, open offers will enable bidders to find out how much their competition has offered.
For now, real estate sellers can:
- solicit as many offers as they want
- set strict time limits for submissions
- reject any and all offers
- select a lower offer, even if you bid more
- and send back offers to be improved.
Realtors are only required to disclose how many offers were received (but not for how much), if competing realtors lower their commissions, and if listing brokerages represent any real estate bidders.
Needless to say, despite the pressure of winning, firm offers that include no conditions are not advised by real estate lawyers. Buying real estate is a major investment, and you want it to go well, without the headaches of making costly fixes after you buy, or worrying about what happens to the deposit if financing falls through.