As REALTORS®, we often get asked about pre-emptive offers, also known as "bully offers." These offers can be a source of controversy in the real estate world, so it's important for both buyers and sellers to understand what they are and how they work.
A pre-emptive offer is an offer made by a prospective buyer to purchase a property before the date that the seller has set for offers. Essentially, it's an attempt by the buyer to gain an advantage over other potential buyers and secure the property before the formal bidding process begins.
Pre-emptive offers can be attractive to sellers because they offer the possibility of a quick sale and eliminate the need for a formal bidding process. However, they can also be a source of controversy, as other potential buyers may feel that they have been denied the opportunity to submit their offers.
So, what should buyers and sellers know about pre-emptive offers?
For buyers: If you're considering making a pre-emptive offer on a property, it's important to work with an experienced real estate agent who can advise you on the best approach and help you navigate the process. Here are some things to keep in mind:

• Pre-emptive offers are not always successful, so it's important to have a backup plan in case your offer is rejected.
• You should have all of your financing in order before making a pre-emptive offer, as you'll need to move quickly if your offer is accepted.
• Be prepared to pay a premium for the property, as pre-emptive offers are often made at above-market prices in an attempt to secure the property before other buyers have a chance to submit their offers.

For sellers: If you receive a pre-emptive offer on your property, it's important to consider all of your options before accepting or rejecting the offer. Here are some things to keep in mind:

• Pre-emptive offers can be attractive because they offer the possibility of a quick sale, but you should also consider whether you're leaving money on the table by accepting an offer before other buyers have a chance to submit their offers.
• You should work with your real estate agent to evaluate the offer and determine whether it's in your best interest to accept it or wait for other offers to come in.
• If you do accept a pre-emptive offer, be prepared to move quickly, as the buyer will likely want to close the deal as soon as possible.

Pre-emptive offers can be a valuable tool for both buyers and sellers in certain situations, but they should be approached with caution. As REALTORS®, it's our job to help our clients navigate the real estate market and make informed decisions, so don't hesitate to reach out if you have any questions about pre-emptive offers or any other aspect of the buying or selling process.