Industry leaders are cautioning agents working Toronto’s west end, warning them about a seemingly ideal client intent on luring them to vacant properties.
Four months after having its hand slapped by TREB, this online brokerage is closing its doors.
It will be interesting to hear how this situation plays out if one of the disadvantaged buyers complains. The sellers have directed the listing agent (form 244) to NOT present offers until a future date/time, so the arguments will probably be over whether the call from the listing agent to the seller regarding the bully offer constitutes presentation of the offer. The 2nd issue will likely lie around the fact that other potential buyers didn't rush to even see the home (never mind the missed offer opportunity), knowing they had time to do so, and further, whether the listing agent contacted other interested parties who did show the home. Time will tell
A bully offer is so juicy that the Seller's can't resist. The Seller doesn't think they'll get that on offer date. This is the only true "bully offer", anything other than that, we'll see you on offer night! A Seller has the right to change their mind with respect to initially wanting to only see offers on offer night!
I think that it comes down to the preparedness of the buyer's. When I start working with a new buyer, I do everything that I can to have them ready to head into the market. Having their pre-approval done, educating them on the dynamics and explaining a variety of situations that could happen in order to get them ready. Once they have a good foundation of the facts, then you head out into the real estate market place. Bully Offers are inevitable. They exist, so if you have your buyers as ready as you can, when that presents itself, it won't be a surprise. If they can bid, then they do, there is a lot to be said. So I think it comes down to working with your buyers and having them educated enough so that they trust your experience as an agent and don't start drawing their own conclusions about what they expect to happen.
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