We used to say in real estate, whatever happens in Toronto will happen in Kitchener Waterloo three years later. Now I think that time has sped up. I got my first notice of a ‘Bully Offer’ the other day.
It has been a crazy first third of the year in local real estate. I have never seen it like this. Previously, I have blogged about agents holding off on accepting offers, setting things up for bidding wars, successfully setting up multiple offer situations where the listing soon sells for 4, 6 or 9% over asking price. But last week, after showing a listing, I got this, my first notice of permission to submit what I think would be called a bully offer:
Please be advised that I have received notification from 2 agents that they will be preparing an offer tonight for this listing.
The seller is prepared to entertain only unconditional offers in advance of the time set to review offers which is Wednesday at 1 pm.
All offers must contain acknowledgement that the buyer is aware the home has Uffi. There is an air quality test available on Matrix as a supplement.
The seller is available to review offers electronically only this evening.
I do not currently have any offers in my possession. Please email me back if your clients are interested, or via text at 519.555.5555
Thanks for showing
A few days later, about the same listing I get this one.
PROPERTY IS SOLD FIRM SELLER RESERVES THE RIGHT TO ACCEPT UNCONDITIONAL OFFERS AT ANY TIME BEFORE PRESENTATION
That, my friends is the current state of Kitchener Waterloo’s real estate seller’s market. Essentially, what this is saying is, ‘we are not accepting offers until Wednesday but if you want to take the house as is and if you offer a price we want, the house is yours.’
No pressure. No risk, right?