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All You Need To Know About Being a "Bully" In Today's Market

A "Bully" Offer, also known as a pre-emptive offer is an offer to buy a property before the date the seller is accepting offers.

"Bully" offers are most common in a Seller's market where demand surpasses supply. This is a great way for the buyers to get the Seller's attention as this offer is submitted before the actual offer date. Here are the things that you need to know about this kind of offer.

What is the goal of a "Bully" offer?

A buyer is hoping to stand out by sending a preemptive offer, they also intend to skip the bid and somehow secure the property before the offer date. But it is always out of their hands if the seller would accept or not.

What does a "Bully" offer look like?

When submitting a "Bully" offer, you will need it to be strong, quick and with as little competition as possible. My clients when submitting an offer pre-emptively will go on Day 1 or 2 to view the property and then submit an offer immediately after doing their due diligence! This is great when you are already pre-approved (knowing what you can afford) and also you have a pre-inspection on hand so we can submit a firm and binding agreement.

We submit an offer as early as possible into the listing timeline to ensure not many have seen the property and been provided the same opportunity as us. In this, we hope to limit the amount of competition. Once we have submitted, we give a very short time of irrevocable so the Seller has to make a quick decision.

Seller's decision will be to way the risk of turning us down and not getting a better offer on offer date or accepting with the unknown of could they have gotten better.

Lately, my clients searching in the 905 region especially Vaughan & Markham have been feeling the pressures of "Bully" offers as they are coming often with our market picking up. This is one of the reasons why it's so important to have a team of agents working with your client to make sure they never miss an opportunity to "play" when in a hot sellers market like today.

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