‘Bully offers’ create fairness for investors

A new phrase being added to real estate listings is treating investors as fairly as it treats sellers, say agents.


Bosley Real Estate has added the phrase, ‘the seller reserves the right to consider pre-emptive offers’, commonly known as ‘bully offers’, to its listings.


Ann Bosley, vice president of Bosley Real Estate, says: “I think it makes it fairer for the buyers; they’re not left out in the cold.”


The Canadian housing market has seen an increased demand for property. For example, a house would be brought to market on a Friday and it would be sold by Friday night.


But is this timeline fair to investors? Does it allow for the property to really be exposed on MLS? Is there enough opportunity for people to see it?


“We heard of a recent case with the Real Estate Council of Ontario, where a buyer had walked through an open house but hadn’t contacted his agent,” says Bosley. “He learned at the open house that there were no offers until Thursday, so the buyer waited to contact his agent, and lo and behold, the property was sold.”


“In instances like that, we’re actually saying in our listings, the seller doesn’t want to look at offers until Thursday but he does reserve the right to change his mind.”


This added phrase provides the interested investor the opportunity to get their ducks in a line, adds Bosley.


“You don’t have to offer earlier, but don’t sit back on your haunches and wait until Thursday before you start calling the bank. From our perspective, it’s a fair way to treat the buyers while still exposing the property and allowing for the fact that the seller might change their mind.”

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COMMENTS

  • by 2014-11-04 9:39:08 PM

    Just another old twist now called a new phrase to prop up a terribly unfair system for buyers that tries to cover over the very popular 1980's "waiting" business plan still used by the Real estate industry in 2014.
    Love hearing those nostalgic "waiting for my agent" phrase..or how about "waiting for my broker,"phrases

    ...Oh Oh... I have even a better one for the 1980's timewarp people that are ...unbelievably...still running real estate.
    How about that super famous phrase from the eighties..."I'm waiting for the bank to open?"

    Yes the eighties were good for these guys who... amazing...are still running things today, which is why there is STILL no "make an offer" online purchase contract for the buyer, or even a primitive PDF contract available from the agent's website with the popup comments sections filled in telling the buyer what to do. Cheez.. Can't have that? Much too 21st century.

    Imagine BUYERS finding their own properties on the web and making their own offers without waiting for a part time agent to finish his shift at the taxi stand or at the restaurant to rush over to hand the buyer a preprinted form ...press hard when filling in your offer with that pen boy...and please ignore all that cool and easy to use technology in your Smart phone that makes this whole industry look stupid.

    How about... just for a start...no "Old Guard" scary techy stuff needed... create REAL FAIRNESS to BUYERS and force disclosure of all the part time agents. That alone would cut buyer and seller waiting time down at least 50%.

    Also...and I don't want to scare any of you "Been in Real Estate thirty years" types, however, why not offer live, smart interactive and time stamped Buyer's Contracts?
    This creates MORE FAIRNESS to buyers as Buyers can make offers anytime ...No waiting...Yunno, like the rest of the world does?

    Oh, right ...that really shows Buyer's agents are redundant...can't have that.
    Well, none of these thousands of FSBO sites are going away, and your traditional full commission market share is hovering around 60% down from 95% when I was a kid...
    Hey, keep playing those wait for an agent fiddles while your Real Estate Association offices and boards are burning agent Nero.

  • by Jo-Ann Armstrong 2014-11-05 4:12:18 PM

    You, Sir, who apparently will remain nameless, sound like a bitter, old man. I say old cause if you remember the eighties very well at all, you have probably been replaced by a machine.

    All the best,

  • by Rosemary Smart 2014-11-17 2:35:22 PM

    Interesting, but once again not applicable to areas outside the hot markets like Toronto & Vancouver. I'm new to this group, so really looking forward to blogs that bring cutting edge information to the other 98% of the REALTORS. :)

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