Offer nights are where the biggest numbers in a sale get decided. They can also be the most stressful night of a move, for buyers and sellers alike.
The short answer: an offer night (or offer date) is a set day when the seller reviews every offer at once. Sellers hold one when they expect several buyers. Buyers win one by being ready before the night, not by guessing on the night.
Here's how it works from both sides.
What an offer night is
When a seller sets an offer date, every buyer sends their best offer by that date. The seller can then accept, sign back or turn down any of them.
The offer date is usually about a week after listing. That week gives every buyer time to see the home, get their financing in order and decide what it's worth to them. Then all the offers land side by side, and buyers compete with each other instead of with the list price.
Since December 1, 2023, sellers in Ontario may choose to share the details of competing offers. Many still do not, so as a buyer you should plan as if you won't see the other offers.
For sellers: offer date or offers any time?
Holding an offer date is a strategy, not a rule. It works best when you expect several buyers.
- Hold an offer date when the home, the price and the market point to strong interest.
- Take offers any time when the market is slower, or the home is one of a kind and the right buyer may take time to find.
An offer date can backfire. If few buyers are active, a set night with only one offer can leave you negotiating from a weaker spot. That's why we look at showings and the market that week before deciding, not just the week we list.
At our pricing meeting we pull the recent sales on your street, set the list price and decide together on an offer date or offers any time. You can see every step in our seller guide.
A real example: 82 Highland Park
In September we listed 82 Highland Park Boulevard in Markham at $999,999, on purpose, and held offers to a set night. Showings ran for the first few days and every buyer knew when to bring their best offer.
On offer night we had five or more registered offers. It sold for $1,210,000, which is $210,000 over asking, in 6 days. The full story is here: how we sold 82 Highland Park.
The lesson: pricing under value only works when it's backed by a plan. Know your real value from recent sales before you list, and agree with your agent on what happens on the night.
What is a bully offer?
A bully offer is an offer sent before the seller's offer date. It's usually strong and open for only a few hours, to try to buy the home before other buyers compete.
As a seller you have three choices:
- Accept it if it's better than what you expect on offer night.
- Counter it to push the terms further.
- Ignore it and wait for the offer date.
There's no single right answer. It depends on how many buyers have been through and what similar homes sold for.
For sellers: the top number isn't the whole offer
On offer night we compare every offer on price, deposit, conditions and closing date, not just the top number. A slightly lower offer with a large deposit, no conditions and the closing date you need can be the stronger deal.
From there it's sign backs and counter offers until the terms work for you. Michael is a Real Estate Negotiation Expert (RENE), and this is the part of the sale where that matters most.
For buyers: how to compete
You win an offer night in the days before it. Come in with:
- A strong price. Decide your number from what similar homes sold for, not from the list price.
- A solid deposit. In the GTA about 5% of the price is common, usually due within 24 hours of acceptance. It's held in trust by the listing brokerage and counts toward your down payment.
- As few conditions as possible, with your financing and inspection sorted before the offer date.
- A pre-approval. A lender confirms what you can borrow, and sellers take pre-approved buyers more seriously.
- An inspection done early. An inspection usually costs $400 to $700 in the GTA and takes two to three hours. Doing it before the offer date lets you make a firm offer.
One warning: resale homes in Ontario have no cooling-off period. Once your offer is firm, you're committed. Your conditions are your only way out, so if you go in without them, be sure you can close. More on this in our buyer questions.
What this means for you
- Selling: an offer night works when the price, the presentation and the market line up. We'll tell you honestly whether yours should hold offers or take them any time.
- Buying: do the work before the night. Pre-approval, inspection and your top number decided in advance.
- Both: look at the whole offer, not just the price.
Selling or buying this fall?
Whether you're about to list or about to make your first offer, we'll walk you through the plan for your home and your street. Call or text 647-694-3109 or get a free home evaluation below.
Michael Barillari, Broker, RE/MAX Premier The OP Team, Brokerage.