If you want or need a quick sale, and the offer price is what you expected, then you may want to accept a bully offer for a fast sale. The good agents at this point will also let any other interested parties know that an offer has been registered. This is a tough decision which is why a lot of bully offers work for buyers. Here are the main ones: On the other hand, when asking yourself should I accept a bully offer, it can have its potential downsides: In a very recent situation, our clients decided to accept a preemptive offer. Notify me of follow-up comments by email. However, if you don’t accept a bully offer, and don’t end up with multiple offers from buyers, you run the risk of selling for a below-asking price. Businesses in Etobicoke: REVOLVER PIZZA CO. Etobicoke Real Estate Update – 30 Days in Review, Navigating Etobicoke Real Estate during Covid-19 – Week 2, “ThompsonSells Again – Maria and myself would like to thank you for your expertise in selling our home. Is 2020 a Good Time to Sell My House in Etobicoke? The amount of that offer is likely going to be a factor but there are other considerations. This is often referred to as a ‘bully offer.’ A common question we hear from clients is “Should I accept a bully offer or hold out until offer night?” In short, it depends. Simply put, it’s when a buyer brings the seller an offer before the offer presentation night, so that they can avoid being stuck in a bidding war and potentially losing the home when all the offers come in. But be careful not to get too greedy. With a bully offer, the buyer is able to undercut any potential competition. They also typically don’t have long to decide and there’s a temptation for a quick sale. I hope you found the information above useful, and as always, I wish you the best of luck. With a new baby on the way, they knew…, Copyright 2020 - ThompsonSells.com | Legal and Privacy | Contact Me | But as a listing agent, I’ll never tell my clients to accept a bully offer, because I know with absolute certainty that we’ll always do better on offer night. This allows them to buy the house at what they believe to be the best possible price for the home. A good, professional real estate agent with a lot of experience should be able to tell you if the bully offer is worth considering or turning away. In these cases, sellers may try to generate as much interest as possible by setting an offer date. It will also be a decision that you’re happy with. The sale of your home is over and done with quickly. With multiple bidders competing on offer night, you may be able to bid the price up to a higher level. Nothing less. There are definitely plenty of pros to accepting a bully offer. A lot of people don’t get the chance to walk through your home and decide to make an offer. If you enjoyed this content don’t forget to subscribe below, and share it with anyone who may need it! Here’s their story. At this point, when they present the offer, they should inform you of all your options and not pressure you into a course of action. First and foremost, bully offers often work because your agent is obligated to present it to you. Your email address will not be published. If so, I’d love to hear about it in the comments below. You no longer have to worry about keeping it show-ready, and you may get to skip out on dealing with the hassle of open houses. Bully offers are typically ‘clean offers.’ This means they come without conditions, so the offer is considered firm. You can even message us in the live chat at the bottom of your screen. The goal as the seller in this situation is to generate as much traffic through your home as possible. The buyers aren’t playing by the rules, but they are going after what they want which I can respect. The fact that you have a bully offer is a good sign, but you might always be left wondering about the what ifs. We’ll also tell you a story about a client’s recent experience asking ‘Should I accept a bully offer?’. Realtors legally have to present any offer they receive to their seller. Enter your email address to receive our latest blogs in your inbox! The seller has the opportunity to select the offer they would like to accept. Whether you’re trying for a bidding war or not. Let us help by guiding you through the entire selling process. If you happen to know anyone who is looking to rent, buy or sell their next home we hope that you will direct them to us. So, if you’re selling your home, and you get presented with a bully offer, should you accept it? 1678 Bloor Street West, Toronto, Ontario, MP6 1A9 Should I Accept a Bully Offer When Selling My Home? They were aware that there was no guarantee that if they waited the week out, there would be a higher offer.