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When people hear multiple offer they often run away screaming, as most of them may have had a bad experience in the past with this sort of scenario.
It doesn't need to be scary, if you have all the facts it can, as a seller, get you a very good price for your property. As a buyer you won't pay more than you want to.
The way it works is this.
If there is more than one offer on a property at the same time it should go to a multi offer situation - what happens then is, every buyers gets to put forward one offer, this should be your best offer. Your 'If it was $1,000 more I would walk away and not pay it offer.' You will only get one chance to put in an offer in most instances so make sure it's right. You would hate to lose out if you would have paid another $5,000.00.
All offers should then be delivered to the seller for them to decide which offer they would like to accept. It is not always the most money that wins either as the conditions of the contract are also important - sometimes more so.
Things to consider when making your offer are
I hope this gives you a little bit of insight into what is involved and how to prepare your offer in this situation to give you the best chance of getting the property that you want.
Your Agent should not be telling you what the other offers are, nor should they be telling any other buyers your offer. This is vital in the process working properly, if this is happening I would proceed with caution.