What is a Bully Bid, and when should you seriously consider one?

What is a Bully Bid, and when should you seriously consider one?

Bully offer: Some listings will set out an offer date, where they would encourage everyone to submit their offers. A bully/pre-emptive offers is the one that is submitted ahead of everyone else, before the official offer date, with a very short expiry.

Generally, these offers are above asking price and have fewer conditions than a regular offer to encourage the seller to consider it and not wait until the rest of the offers come in. This is designed to keep the offering party from getting involved in a bidding war on the official offer date. As all the work required to list has already been done, it is not typically advantageous to the seller to accept, unless they think that the bully offer is likely to be higher than all the offers they might receive on the official offer date.