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