Sunday, February 28, 2021 / by Janine Thomson
WHAT IS A BULLY OFFER?The best descriptive way to explain bully offers, which are known as a ‘pre-emptive offer’, is an offer that a buyer submits to the sellers before the indicated date, that they will hold or look at any offers. You’ll see this type of behaviour mainly in a ‘hot sellers’ market, where there are more buyers than there are homes for sale. Sellers can make the decision when they list their home for sale to “hold offers” to a certain time and date where they will review all offers. This pressure puts the buyers into a competitive situation and to make a decision quickly. In a bully offer situation, the buyer puts pressure on the seller to accept their offer without considering others. They will submit it to the seller before all other offers are in. Bully offers can be very good and a seller may choose to except it and be done with the day, and by cancelling out other offers on ‘presentation night.’ In a ho ...
Sunday, February 7, 2021 / by Janine Thomson
Expand your search. Home prices are always higher in the hottest neighbourhoods. Everyone is looking for the ideal home and thats a big competition in a small market. Just because your peers are buzzing about a certain neighbourhood, doesn’t mean you don’t have the best schools. lower tax rates or better amenities in a different one. (Tip) Look a little farther away from the most popular neighbourhoods. Sometimes you can actually get more square footage, larger properties and better amenities for less money.
Don’t wait too long to write that offer. The longer you wait the faster someone else will snag the home, and if you do decide a bit later in the game, all those other buyers will be notified that an offer is coming in. Time is the essence. For some Buyers, they may actually like the competition with risk and want to place a bid. Once you have another bidder, the home price tag rises.
(Tip) Low balling in a seller’s market is not a ...