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Multiple Offers Part 1 – Should I Accept a Bully Offer?

Kirby Chan's Real Estate Blog

In this series, I’ll be discussing the different elements of having Multiple Offers, like setting a price, setting an offer date, offer presentations and a Bully Offer.

What’s a Bully Offer? No, it’s not the offer that beats up all the other offers in the playground. Though it’s quite similar to a bully that cuts in line of other people.

Let’s first discus the two ways Sellers receive offers. In the traditional way of selling a home the sellers list their home on MLS and accept offers anytime.

However, in the past couple of years we have been in a pretty hot market so Sellers have started hold off on offers. In this new way of selling a home, a Seller would give a couple of days to a little over a week to gather interest in the property. On the offer presentation date, the Seller would review all the offers at once. This is the method that creates the bidding war and bidding mentality. People just want what other people want too. With this method you have to price the property a bit lower or perceived to be a bit lower than market value. There’s a lot of strategies in holding an offer presentation and I will cover that in future blog posts in the Multiple Offers Series.

Today I’ll be discussing Bully Offers. Is it good? Is it bad? Should you take it?

It depends… Let’s use two of my past experiences to show you the different outcomes.

In case #1, Mr. and Mrs. Johnson was downsizing and selling their home with me. Everyone in the neighbourhood was selling over asking by having an offer date.  The market value based on neighbourhood sales ranged from $690,000 to $710,000 and we listed it for $649,000 giving a week until we received offers. 4 days later on Monday, we received a call and an offer, a Bully Offer! They offered $720,000 with conditions. This was a good offer and the sellers didn’t want to lose it but at the same time wanted to see if there were other offers. So I called up everyone that showed it and basically said, if you have an offer present it tonight. At the end of the day, the Bully Offer worked and my sellers accepted it setting a new high in the neighbourhood.

In Case #2, Mrs. Balazovitz was recently divorced and selling her home with me. She wanted multiple offers but didn’t want to list it at a low price.  The market value according to neighbourhood sales ranged from $490,000 to $510,000 and we listed it at $499,000, giving a week until we received offers. To attract multiple offers, I suggest she spend a little bit of money renovating and staging the house. After 2 days of showing, we receive our bully offer of $500,000. The sellers requested that they send it in on the offer date so they can review all the offers at once. On the offer date, the sellers choose another offer at $540,000 with no conditions. The bully offer didn’t work in this case because the sellers felt confident they were going to get their price on the offer date.

Wondering what your home or condo unit is worth? Contact Me, Just Click Here or call me directly at (416) 305-8008.

Kirby Chan Sales Rep., Director of Technology & Social Media
Keller Williams Real Estate Service
17 Church Ave., North York
Tel: (416) 222-6188 | Mobile: (416) 305-8008
info@KirbyChan.com | www.KirbyChan.com (Home Buying & Selling Resource Guide)

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Multiple offers and Bully offers explained.

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P & G Procter and Gamble Warehouse Sale May 7th/8th 2011

For future P&G Warehouse notices, please subscribe to my blog, press the “sign me up” on the left hand side menu. I will not be notifying by email anymore.

Please click here for an updated post for the P&G warehouse sale.

What:
P&G Warehouse Sale

When:
Saturday May 7: 11 AM-7PM: Friends & Family
Sunday May 8: 10 AM-4PM: Friends & Family

Where:
International Centre – Hall 6
6900 Airport Rd, Mississauga

For future P&G Warehouse notices, please subscribe to my blog, press the “sign me up” on the left hand side menu. I will not be notifying by email anymore.

See what’s for sale in your neighbourhood – Do a quick search

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Thank-you for reading our article about “P&G Procter and Gamble Warehouse Sale May 7th/8th 2011”, contact us if you need anything or leave us a comment below.



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P & G Procter and Gamble Warehouse Sale Dec 4th/5th 2010

For future P&G Warehouse notices, please subscribe to my blog, press the “sign me up” on the left hand side menu. I will not be notifying by email anymore.

Please click here for an updated post for the P&G warehouse sale.

Just confirmed the dates and times from P & G. 100% Proceeds will be going to United Way.

Dec 4th -11am – 8pm

Dec 5th – 10am – 5pm

International Centre – Hall 6
6900 Airport Road, Mississauga.

So… your probably saying to yourself  “why is a Realtor promoting this “a warehouse sale”? The answer is simple, I don’t just help you buy or sell Real Estate.  I also sell “myself” and a “service” to you… and that is to give you good information on products and services that can make you and your life the best for you.

…and that’s what it’s all about. Helping each other through life’s journey, either one house at a time or one warehouse sale at a time.

See what’s for sale in your neighbourhood – Do a quick search

Do a Quick Home Market Evaluation and see how much your home is worth.

Thank-you for reading our article about “P&G Procter and Gamble Warehouse Sale Dec 4th/5th 2010 “, contact us if you need anything or leave us a comment below.


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North York Bungalows / Vacant Land

Location: North York – Between Yonge Street and Bayview Avenue, North of Highway 401.

Type – Bungalows

Use – Many North York bungalows are still livable, but many are being torn down and bought as vacant land to build custom homes. Many buy them as investments and rent them out.

Active Listings – click here –

Statistics

Statistics & Counts

Field Count Mean
(Average)
Median Mode Low High
List Price 47 $654,657 $638,000 $638,000 $475,000 $950,000
Original Price 47 $666,174 $649,000 $728,000 $475,000 $950,000
Sold Price 0 n / a n / a n / a n / a n / a
% List 0 n / a n / a n / a n / a n / a
Taxes 41 $3,811 $3,727 3980.9 $2,834.75 $5,240.79
Bedrooms 46 3 3 3 2 4
Washrooms 47 2.4 2 2 1 7
Days On Market 0 n / a n / a n / a n / a n / a

Prices range from $475,000 to $950,000.

Premium streets can carry a 10% premium over the average price. Bungalows in the Mckee School District / Earl Haig School District are usually in higher demand and in turn command a higher price

Are you thinking of Buying or Selling a home and would like to discuss your options?
Contact Me, Just Click Here
or call me directly at (416) 305-8008.

Kirby Chan
Sales Representative
416-305-8008
Web : http://www.KirbyChan.com
Email : Info@KirbyChan.com

___________________
Keller Williams Real Estate Service
17 Church Street, North York, On

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AlphaInventions.com

What is AlphaInventions.com?

The site looks for updated blogs, and displays them. I think of it as an automatic blog surfing device.  If you like reading interesting blogs give them a try. Approximately every 10 seconds a new blog will be previewed, unless you pause to read it. Feel Free to leave me a comment if you found my blog through AlphaInventions.com

See what’s for sale in your neighbourhood – Do a quick search

Do a Quick Home Market Evaluation and see how much your home is worth.

Thank-you for reading our article about “AlphaInventions.com”, contact us if you need anything or leave us a comment below.