Here's a brief explanation of what happens.
Sometimes a perspective buyer doesn't want to take the chance of getting into a bidding war and decides to submit a Bully Offer to the seller.
A Bully Offer is one that preempts (also known as a Preemptive Offer) the date set on the listing for offers to be received by the seller.
The strategy behind a Bully Offer is as follows; The buyer is hedging his bets that although their offer is above the asking price, that it would be less than they might have to pay in a bidding war.
At the same time if the Seller accepts the Bully Offer it is because they believe that it may actually be better than if they waited until the date set out on the listing to receive offers by the Listing Agent.
To get more information about Bully Offers and what to expect in this market when listing a home for sale in Erin Mills, Lorne Park, or Port Credit give me a call at 674-242-2743