I'll take "Before & After" for $800, Alex.
Answer: Popular 1965 song about the way houses are now sold in the Toronto real estate market.
Question: What is "Wooly Bully Offer!"
Bully offers have always been a part of the Toronto real estate market. Over the last year though, they've become much more commonplace than ever before.
They've became so prevalent in fact, that almost every listing with a scheduled offer-date now includes the following note, "The seller reserves the right to consider preemptive offers".
(Yes, bully offers are now often being referred to as "preemptive offers". Us realtors are capable of putting a positive spin on any negative, and we're apparently trying to class-up the term a bit.)
It used to be, a listing would hit the market on a Tuesday or Wednesday with a scheduled offer-date for the following week, and the sellers would wait until then to review any offers.
This would give everyone plenty of time to see the home and do their due diligence before submitting an offer.
Buyers would have time to crunch their numbers and work with their mortgage person to get the financing in order, they'd have time to take a look at the pre-listing home inspection (or do their own inspection), and they'd be able sleep on it all for a few days before deciding whether or not to participate on offer-night.
Times have changed.
We're at a point now where sellers cannot bank on the fact that a home will still be available for sale come offer-night.
The new reality is that buyers have to be prepared to go and see a listing within just a few hours of it hitting the market, and potentially submit an offer that night!
And of course it goes without saying that their offer has to be a damn good one. No conditions, a significant deposit, and a price well-above asking.
This is just the way it is now; the whole concept of "offer-night" in the Toronto real estate market has been disrupted.
Remember when times were simpler? Like the time that Matty told Hatty about a thing she saw...
If you're thinking of making a move and want an agent who's able move quickly and help you submit a competitive bully offer, feel free to contact us for more info.