By: Neil Bayley-Hay

All About Bully Offers

Tags: All About Bully Offers

A bully is defined as "a person who uses strength or power to harm or intimidate those who are weaker." Bullies aren’t just found in the schoolyard – they’re out there buying houses and making bully offers.

In the intense competition for “good houses” in Barrie, bidding wars are common. In a Seller’s market Sellers have control – many strategically set their asking price and conditions in the hopes of generating multiple offers (ie a “bidding war”) on a magical Offer Date set by them.

Bully offers, also referred to as pre-emptive offers, occur when a Buyer tries to short-circuit the process set out by the Seller and re-take control.

So Mr. Seller, you want to review offers in 6 days? I’ll see you in an hour.

You want time to review my offer? You get 60 minutes.

You want how much for your house? I’ll offer you way more – you won’t say no to all those zeroes, will you?

The Bully Offerer is hoping that:

We represent a lot of Buyers, and an extremely strong bully offer can be a way of getting the house you’ve fallen in love with. It might mean paying more for a house – or it might mean getting a bargain. It all depends on the Seller and the skills of the REALTORS.
 

Bully Offer Strategies for Buyers: How to Make it Count

If you’ve falling in love with a house or condo and don’t want to get into a bidding war on the offer date, here’s how to make a bully offer work for you:

Bully Offers for Home Sellers: Should You Accept One?

We always counsel our Seller clients who are trying to get multiple offers (ie bidding wars) to resist the urge to look at offers until the magic Offer Date. We know that Bullies are trying to circumvent the process and are hoping to get the house for less money than they might in a bidding war. In almost all cases, if a Buyer is ready to make an offer today, they’ll be there next week on the magic Offer Date. What’s good for the Bully is rarely good for the Seller.

In some cases, it makes sense for Sellers to consider or accept a bully offer: lifestyle reasons, slower-than-expected showings, a neighbour listing their similar home for sale at the same time, etc.

If you decide to consider a bully offer, you’ll want to make sure it: An experienced REALTOR can guide you through the process and ensure you don’t leave any money on the table.