RECM 028 : Bully Offers And Stacking Offers

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Bully OffersIn a hot Sellers market, it can be very difficult finding a great home  for your Buyers.  Competing against other offers for each home that comes on the market can be very frustrating.  I have come across some buyers who have missed out on homes by not winning bidding wars as many as 8 times!!

Can you imagine the feeling losing bidding war after bidding war, as prices move higher and higher?

In Ontario, at the time of this post, the market is so crazy that every house that hits the market, is holding offers for 1 to 10 days in order to stir up interest so the Seller get multiple offers.  We have seen sale prices hundreds of thousands of dollars over the list price!!

One strategy to get your offer accepted is the Bully Offer.  A Bully offer is a pre-emptive offer ahead of the delayed date for accepting offers.  The strategy here is to get your offer in the door ahead of time and hope that it’s good enough to get accepted.

Another less common strategy is to stack offers.  Stacking offers is when you already have a conditional offer in place but another offer arrives later.  You have agreed on a price and closing but it only goes firm should the previous offer fall apart.

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