Agressive Sellers Are Being Met By Aggressive Real Estate Buyers

The traditional real estate system is facing some new challenges because the Toronto housing sector has intensified. An aggressive purchaser's tactic known as the bully offer is allowing properties to be snapped off the market, leaving many home buyers disgruntled. Real estate agents are caught in a dilemma because of bully offers, and have to deal with their responsibility to get their clients the best price while preserving buyer trust in multiple offer procedures.The bully offer practice is a consequence of the bidding process currently favoured to bring attention to a property by publishing a low price and opening the house for tours, however not accepting bids until a later time. If one of the interested purchasers presents a bully offer ' which is often higher than the moderate list price ' the catch is that the offer be accepted before the bid date specified for the public. The seller often takes the bully offer as they see it is an occasion to take a shortcut and sell their home for a high price.This state of affairs is being experienced in many cities such as Toronto and can be frustrating for buyers browsing the market for homes or Toronto condominiums listings and think that they found the right one for them.Obviously, buyers who have respected the target date are not happy with bully offers. They have submitted grievances, and revised policies have been instituted to provide a more fair approach to bully offers. This kind of scheme is used mostly in Toronto but purchasers of homes in Brampton and other neighbouring areas are also seeing it. Today when a bully offer is made, the real estate agent has to contact all the prospective purchasers and give them an opportunity to table their own bid. Unfortunately, this has failed to really levelled the odds, since it is often not possible for a would-be buyer to stop everything and race to table a opposing offer. As a consequence, the bully offer goes uncontested and if accepted nullifies the whole bidding process.Some Realtors do urge home owners not to entertain a bully offer, but to wait until the bid date because there could be a higher offer made by other purchasers. This method has paid off in a lot of transactions, but the allure of taking the bully offer and speeding up the sale is often too much to resist. This causes many perspective purchasers left out in the cold when their home buying opportunities are side swiped by bully offers, and they are becoming increasingly irritated with these hostile methods.The bottom line is that bully offers are doing harm to the entire property market by weakening consumer faith in the bidding procedure. Realtors are having to put serious consideration into how they can restructure the policies to keep it equitable while representing their clients' best interest.An answer for buyers would be to turn to real estate in Wasaga Beach and stay away from the Toronto region but that is simply not workable.  So long as the real estate surge in Toronto is impacting the offer system, buyers will need to have to stay on their toes to counteract any bully offers that interrupt their opportunity to bid. Any seasoned agent should advise their purchasers not to be bullied into tabling an offer that is over the fair market value for any house.