Ontario realtors are calling on the provincial government to ban so-called “bully offers”. Bully offers are submitted by a buyer in advance of a seller’s established offer date. Generally bully offers are submitted to avoid competing with other prospective buyers and intended to pressure the seller into accepting the bid, as the seller would not know what offers may (or may not) be coming on their established offer date.
Ontario Real Estate Association President Karen Cox says the government should use its current review of the act that governs realtors in the province to bar the practice. Cox says banning the practice will ensure all interested buyers are able to make a fair offer on a home and allow sellers to carefully consider all bids.
The Canadian Press
To read the Real Estate Council Of Ontario’s submission to the government: CLICK HERE (You will be redirected)
Photo Credit: R.E.C.O.