VIDEO: Bully Offers, and How-to Handle Bully Offers | Adam Stewart, Realtor® | Chestnut Park West
It's Adam Stewart with Chestnut Park West in Guelph, Kitchener-Waterloo and area. Did you know that in the hot real estate market, bully offers could be a real problem? Not just for buyers, but agents, too. In every listing primed for multiple offers, the broker remarks say no offers until seven PM on such and such a date. Then guess what. A bully offer arrives early and the seller wants to consider it.
Now the listing agent has to contact every other agent who has booked an appointment to tell them the news. I feel that if the properties prime for multiple offers than that is the way it should be sold. Listing agents complained that they do not want to entertain bully offers, but the sellers changed their minds.
However, there's now a specific OREA (Ontario Real Estate Association ) form to solve the problem. It's called form 244, a seller's direction in property offers. Once the seller signs this form, they're saying that they will not entertain any offers before specific dates. Now they cannot look at bully offers, and life will be much better for everyone.
Now my recommendation is to make sellers and agents more professional and more ethical than a hot real estate market to get on board and use this approach. If you have any questions regarding this, or would like to discuss your next real state decision, please don't hesitate to connect.