When a buyer is interested in your home before you even begin looking at offers from others, they may feel it is necessary to make a bully offer (or pre-emptive offer).
Should You Accept A Bully Offer?
Sellers may be tempted to accepted bully offers because, most of the time, they are offering a better price. But just because the price is higher does not necessarily mean you should accept it, especially if the terms do not match with your needs. If you are not interested with bidding wars between other buyers (particularly if the number in those interested is high), accepting the bully offer may be in your best interest. It is completely up to you.
As A Buyer, Should You Make A Bully Offer?
Before you make a bully offer, remember you are probably going to be paying much more than originally planned, but if you want the home and you are set on getting it, outbidding others may certainly interest you. If the market is hot and there is a lot of competition, making a bully offer may put you ahead of the others.
Accepting the highest offer may not always be the smartest choice, just like offering the highest price may not be either. No matter if you are buying or selling, accepting or making a bully offer should always be discussed with your REALTOR®. They cannot tell you which offer to make or accept, but they can certainly help guide you in the right direction.