What's a bully offer? Here's what you need to know if you're buying a home.

 

Royal LePage Binder REALTOR®, Jazz Chappus says there are pros and cons to making or accepting bully offers. (Katerina Georgieva/CBC)

Bully offers: Some argue they give home buyers an unfair advantage — but others say, given the state of today's real estate market, it could be the best strategy to land the house you want. 

Jazz Chappus, a realtor with Royal Lepage Binder Real Estate in Windsor, explains that a so-called bully offer, or pre-emptive offer, is made prior to an offer presentation date set up by the sellers. 

 

"It's called a bully offer because it quite literally is a bully offer," she said. "It's a buyer and their agent who are somewhat bullying their way in to get their offer reviewed before the presentation date to beat out the competition."

Most of these bully offers are pre-qualified, cash offers, above the list price and without conditions, Chappus said, adding that about 75 per cent of her clients are ready and willing to submit these kinds of offers. 

"Once they've missed out on a couple of offers or once they've heard the horror stories of people who have found their dream home and lost out because of a bidding war or a pre-emptive offer, they tend to get their ducks in a row and get everything ready to go for a pre-emptive offer," she said.

READ THE FULL CBC ARTICLE HERE.

 

 

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