What is a Bully Offer?

In today’s market, when a home is listed for sale, the realtor will often suggest to the homeowners to schedule a date to accept offers. Let’s say, you list your house for sale on Thursday, and you accept offers on Tuesday to allow maximum exposure for potential buyers to see your house.  This strategy of making everyone wait until a set date to make an offer on the home will often create a multiple offer situation.  The objective behind holding back offers is to yield the highest price for your property. If someone really wants the property, then they are going to try and bypass that offer date, and bring a pre-emptive/bully offer before then. The bully offer is normally done the first day the home is listed for sale, to ensure that others don’t get a chance to bid on it, hence minimizing competition. You come with a strong offer, minimum $100k-200k* over asking price (*this depends on the CMA), no financing or inspection conditions. Come in firm. Do the inspection beforehand or use the pre-listing inspection.