A Dictionary for Buying in a Seller’s Market
“Holding offers”, “In multiples”, “A bully” - I just want to buy a house…what the heck does all this mean?!
These are typical phrases we use in a Seller’s Market - so here’s the low down:
“Holding Offers”
If a homeowner is holding offers, it means they have set a specific date they would like to view all the offers from all the interested parties at once, and there is usually an approximate time deadline that they would like them all in by, for example: Holding offers/Offer Presentation/Offers Due Monday May 29th at 4pm.
“In multiples”
This means that there are multiple offers on a home, so using the example above, the home would have had 2 or more offers come in on May 29th. Usually, the more offers - the more it sells for and the less likely that a conditional offer would be accepted.
“A bully”
Also known as a “pre-emptive offer” means that the buyer has ignored the offer presentation date of Monday May 29th and instead made an offer before that, say on Saturday May 27th.
From a buyer’s perspective, it is important to have a knowledgeable Realtor to guide you through the strategic decision to hand in a bully, offer on the given date, or let it go all together for a number of reasons.
Whether you now feel confident going out there and buying or now your head is spinning even more - let’s chat! Reach out today to get your buying process started!