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Ben Sage, Moving Woodstock

Oh, you have another offer coming on that property? Three other offers??

Posted on May 1, 2013 by Ben Sage in Bidding War, Multiple Offers

 

As a Realtor, I have been there several times before.  My buyers and I have searched the active listings, visited several, and one day a new listing comes along that is PERFECT, and best of all, the PRICE is RIGHT!  After viewing it as quickly as we could, the buyers decide they’d like to make an offer.  Great!  Things take a turn when you call the listing agent, to be informed that there’s another offer coming in on the property.  Worse yet, there are TWO OR MORE other offers coming in on the property!!  Quelle horreur!

But wait. How can you be so sure that there are ACTUALLY other offers coming on the property? What PROOF do you as the buyers agent have that what the listing agent is telling you is true?

According to the current RECO rules and regulations, agents must disclose how many offers there are on a property, but don’t need to provide proof. In practice, the unscrupulous listing agent might claim there other interested parties, sparking potential buyers into raising their offers, or changing the terms to favour the seller. In Woodstock it is customary, but not written rule, to disclose the number of bids on a property, and which brokerages are representing buyers.

I have made a professional commitment to my buyers to always represent them in person in multiple offers, and I have even gone as far as to prepare two separate offers, one to be used if multiple offers are confirmed, and one to be used if there is reason to suspect that my buyers might be the only party interested in the home.   I normally prefer that all offers be presented directly to the sellers by the buyers agents, and I also prefer to see at least one other agent coming or going during the offer process in order to confirm the likelihood of multiple offers.

The province of Ontario is making moves to change some of the regulations of the Real Estate industry, and as your preferred Realtor, I am of course ready to adapt to the changes.  These new changes will require all offers placed on properties to be made IN WRITING, as opposed to verbally, and listing agents will now be required to keep written record of all offers received on a property, in case of complaints from other potential purchasers who may doubt the existence of multiple offers.

The Real Estate business is constantly evolving, and I am always making my best effort to stay on top of the changes to this industry, in order to best serve my clients and their individual needs to the best of my ability.  If you have questions about this or anything real estate related, please send me an email or give me a call!  I’d be happy to help as best I can.


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